Washington, D.C. – U.S. Senators Susan Collins (R-ME) and Amy Klobuchar (D-MN) introduced bipartisan legislation to crack down on fraud targeting seniors. The Seniors Fraud Prevention Act would help fight scams designed to rob seniors of their assets by directing the Federal Trade Commission (FTC) to create an office to educate seniors about fraud schemes while also improving the agency’s monitoring and response to fraud complaints. A bipartisan counterpart was also introduced in the U.S. House of Representatives.
“Raising awareness—particularly among older Americans who are more likely to be targeted by financial scams—is key to protecting seniors’ hard-earned savings,” said Senator Collins. “The Seniors Fraud Prevention Act would enhance fraud monitoring, increase consumer education, and strengthen the complaint tracking system to help prevent seniors from being robbed of their hard-earned savings through threatening and manipulative scams.”
“All Americans deserve safety and dignity in their senior years, but too often, older Americans are the targets of deceptive scams,” said Senator Klobuchar. “New schemes designed to defraud seniors appear almost daily and can have serious consequences, such as wiping out a person’s entire life savings. This bipartisan legislation is a critical step towards combating fraud targeting seniors by identifying scams and educating consumers to prevent more seniors from falling victim to these tactics.”
The Seniors Fraud Prevention Act would help protect seniors from fraud schemes by creating an office at the Federal Trade Commission with the mission of helping fight scams designed to strip seniors of their assets by educating seniors about fraud schemes and improving the Commission’s monitoring and response to fraud complaints. The bill would also require the FTC, the agency responsible for handling consumer complaints, to coordinate with other agencies to monitor for fraud schemes targeting seniors. In addition, the bill would require the FTC to distribute information — to seniors, their families, and their caregivers — that explains how to recognize fraud schemes and how to contact law enforcement authorities in the event that a senior is targeted for fraud.
AARP sent a letter to the Senators endorsing the bipartisan Seniors Fraud Prevention Act.