Schemes targeting seniors include fraudulent investment plans, prizes and sweepstakes, internet fraud, charity scams, predatory home lenders, telemarketing and mail fraud, accessing assets through undue influence, using fraudulent legal documents, and Ponzi schemes
Bipartisan bill would help fight scams designed to strip seniors of their assets by helping educate seniors about fraud schemes and improving monitoring and response to fraud complaints
WASHINGTON, DC – U.S. Senators Amy Klobuchar (D-MN) and Susan Collins (R-ME) today introduced bipartisan legislation to crack down on fraud targeted at seniors. Schemes targeting seniors include fraudulent investment plans, prizes, and sweepstakes, internet fraud, charity scams, predatory home lenders, telemarketing and mail fraud, accessing assets through undue influence, using fraudulent legal documents, and Ponzi schemes. The bipartisan Seniors Fraud Prevention Act would help fight scams designed to strip seniors of their assets by helping educate seniors about fraud schemes and improving monitoring and response to fraud complaints.
“Too often seniors can have their entire life savings snatched up in scams specifically designed to target their assets,” said Senator Klobuchar. “We must do more to protect seniors’ hard-earned life savings from fraud schemes and this important bipartisan bill will provide seniors and their families the tools they need to avoid scams before they happen.”
“As the Chairman of the Senate Aging Committee, pursuing scams that target seniors is one of my top priorities. Our Committee has held hearings exposing and examining a number of these scams in order to help protect seniors, yet much more remains to be done,” said Senator Collins. “Our bill would help 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.”
“Once again, Senators Klobuchar and Collins are leading the way in efforts to protect older adults from fraud and exploitation,” said the Elder Justice Coalition. “The Seniors Fraud Prevention Act would utilize the Federal Trade Commission’s expertise in consumer protection to expand efforts to prevent fraud against seniors through monitoring the marketplace for the targeting of older persons. Having a dedicated office on consumer protection within the Federal Trade Commission is a common-sense idea. The FTC would share educational information with the elderly, caregivers, and the public on current schemes and how to avoid becoming a victim. The bipartisan Elder Justice Coalition commends Senators Klobuchar and Collins and supports this legislation. We hope the Senate will act quickly to pass this important bill and we commend the Senators for their continued leadership.”
The bill would help protect seniors from fraud schemes by strengthening the complaint system to ensure complaints of fraud are handled quickly by the appropriate law enforcement agencies. The bill would also require the Federal Trade Commission (FTC), the agency responsible for handling consumer complaints, to coordinate with other agencies to monitor the market for fraud schemes targeting seniors. In addition, the bill would require the FTC to distribute information materials to seniors, their families, and their caregivers that explain how to recognize fraud schemes and how to contact