In 2017, the Senate Aging Committee’s Fraud Hotline received more than 1,400 complaints of frauds targeting seniors across the country.
Washington, D.C. – U.S. Senators Susan Collins (R-ME) and Bob Casey (D-PA), the Chairman and Ranking Member of the Senate Aging Committee, announced that their bipartisan resolution designating May 15, 2018, as National Senior Fraud Awareness Day passed the U.S. Senate unanimously.
This resolution calls attention to the increasing number of financial fraud schemes targeting seniors. According to the Government Accountability Office, financial fraud committed against older Americans is a growing epidemic that costs seniors an estimated $2.9 billion annually.
“Though the Senate Aging Committee has made significant progress in the fight against financial fraud and exploitation, it is important that we continue to work to ensure the safety of our nation’s seniors,” said Senator Collins. “This resolution raises awareness about the increasing number of fraudulent schemes targeted at vulnerable individuals, encourages the implementation of prevention policies, and honors the individuals and organizations who work tirelessly to counteract these scams.”
“Con artists regularly steal money from older adults and the nest eggs that they have accumulated,” said Senator Casey. “Once seniors lose money through a scam, it is unlikely that it will ever be returned. We must continue to do all we can to prevent seniors from being defrauded. I am pleased that the Senate continues to take steps to bring awareness to the negative effects of these fraudsters’ schemes on the lives of older Americans.”
Earlier this year, the Aging Committee released its 2018 Fraud Book at a hearing detailing the Top 10 scams reported to the Committee’s Fraud Hotline last year. In 2017, the Committee’s Fraud Hotline received more than 1,400 complaints of frauds targeting seniors around the country. Since 2013, the Aging Committee’s Fraud hotline has received more than 7,200 complaints from individuals in all 50 states, the District of Columbia, and Puerto Rico. Additionally, the Aging Committee holds frequent hearings on issues related to fraud and scams targeting older adults, including the most recent hearing on this topic in March titled, "Stopping Senior Scams."
Click HERE to read the resolution.