The Seniors Fraud Prevention Act will help fight scams designed to rob seniors of their assets by educating seniors about fraud schemes and improving monitoring and response to fraud complaints
March 17, 2022 - WASHINGTON - U.S. Senators Amy Klobuchar (D-MN) and Susan Collins (R-ME) announced that their bipartisan legislation to prevent fraud targeting seniors was signed into law. The Seniors Fraud Prevention Act will 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. The law passed the House and Senate last week as part of the omnibus government funding package.
Senator Amy Klobuchar
“All Americans deserve safety and dignity in their senior years, but too often, older Americans are the targets of deceptive scams that can have serious consequences,” said Klobuchar. “Now that this legislation has been signed into law, we will take a critical step in combating fraud targeting seniors. By identifying scams and educating consumers, this law will help prevent more seniors from falling victim to these tactics.”
“Raising awareness about financial scams is key to protecting seniors’ hard-earned savings, particularly among older Americans who are more likely to be targeted,” said Collins. “The Seniors Fraud Prevention Act will enhance fraud monitoring, increase consumer education, and strengthen the complaint tracking system at the Federal Trade Commission to help prevent seniors from being robbed of their hard-earned savings through threatening and manipulative scams. I am pleased that our legislation received overwhelming, bipartisan support and that the President signed it into law.”
The Seniors Fraud Prevention Act will 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 will 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 will 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.
As a member of the Senate Commerce Committee and Chairwoman of the Senate Judiciary Subcommittee on Competition Policy, Antitrust, and Consumer Rights, Klobuchar has been a leader in the fight to protect consumers from fraud and support seniors during the coronavirus pandemic.
In January 2021, Klobuchar and Senator Jerry Moran (R-KS) reintroduced legislation to protect seniors from scams during the coronavirus pandemic. The Protecting Seniors from Emergency Scams Act directs the Federal Trade Commission (FTC) to report to Congress on scams targeting seniors during the coronavirus (COVID-19) pandemic and make recommendations on how to prevent future scams during emergencies.
Source: Senator Amy Klobuchar