Bill Collins Tackles Financial Fraud Targeting Older Americans


With AARP reporting this week that COVID-19-related scams are costing consumers, mostly older Americans, more than $ 485 million, U.S. Senator Susan Collins (R-ME) recently proposed bipartisan legislation to ensure that older people and their caregivers have access to financial services. abuse of information.

“From scams originating overseas to exploitation by trusted family members and home guardians, financial fraud targeting elderly Americans is a growing epidemic estimated to cost seniors nearly $ 3 billion annually said Senator Collins, member of the US Senate Committee on Aging. .

The Senior Financial Empowerment Act of 2021, S. 2116, which Senator Collins co-sponsored on June 17 with the sponsor of the bill, United States Senator Kirsten Gillibrand (D-NY), would help prevent mail fraud, telemarketing and Internet targeting seniors in the United States. It would also support efforts to raise awareness of the huge impact mail, telemarketing and internet fraud has on the elderly, and educate the public, seniors, their families and their caregivers on how to identify and to fight fraudulent activities, according to the text. Bill.

“By cracking down on fraud, improving scam reporting and providing additional educational resources for the elderly, our bipartisan legislation would help us catch these ruthless criminals and prevent them from robbing the elderly of their hard-earned savings,” he said. said Senator Collins.

If enacted, S. 2116 would centralize consumer education services and data on scams and fraud targeting the elderly; strengthen the reporting of suspected financial abuse of seniors; educate certain entities on the financial abuse of seniors; create a grant program to prevent mail, telemarketing and Internet fraud; and ask the National Institutes of Health to conduct scientific research on the increased vulnerability of older people to scams, according to a summary of the bill provided by Senator Collins’ staff.

The legislation has been approved by AARP and LeadingAge.

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