The resolution calls for the Joint Standing Committee on the Judiciary of West Virginia to conduct a comprehensive study on policies aimed at preventing financial fraud and scams, with a report due by December 31, 2025. This initiative is prompted by the alarming rise in financial fraud, which has seen over 8,000 West Virginians fall victim to scams, resulting in losses of $27 million in 2024 alone. The resolution highlights the sophistication of fraud schemes, particularly those utilizing advanced technologies like artificial intelligence, and notes the significant financial impact on consumers and businesses, as well as the role of organized crime in perpetuating these frauds.

The resolution outlines specific areas for the committee to address, including the need for updated legislation to control telephone solicitations, deter the use of cryptocurrency kiosks in scams, ensure victim restitution, and protect property ownership from deed fraud. The committee is tasked with reviewing existing laws in West Virginia and examining responses from other states to develop effective recommendations for combating financial fraud. The resolution also stipulates that the costs associated with the study and report preparation will be covered by legislative appropriations to the Joint Committee on Government and Finance.