Wednesday, November 04, 2009

U.S. Congress May Require ISPs to Block Fraud Sites

Declan McCullagh writes on C|Net News:

For the last decade or so, Internet service providers have been dealing with requests to block access to pornographic or copyright-infringing Web sites, or in China, ones that dare to criticize the government.

Now a U.S. House of Representatives bill is taking the unusual step of requiring Internet providers to block access to online financial scams that fraudulently invoke the Securities Investor Protection Corporation--or face fines and federal court injunctions.

The House Financial Services Committee approved the legislation on Wednesday by a 41 to 28 vote.

If you've never heard of the SIPC, you're not alone. It's a government-linked entity that aids investors when funds are missing from their accounts, up to a limit of $500,000 for stocks, bonds, and mutual funds. Only investor accounts that investors have opened with members of the SIPC qualify for its protection.

More here.


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