Recently 46 state Attorneys General sent a letter to Congress urging the passage of H.R. 1215, the Fraud and Scam Reduction Act. This bill has two sections. The first is the Stop Senior Scam Act and the second is the Seniors Fraud Prevention Act of 2021. According to the FBI elder fraud and scams cost American seniors almost 3 billion dollars each year and the instances of elder fraud exploitation has quadrupled in recent years according to the Consumer Financial Protection Bureau.
The Stop Seniors Scam Act will establish a Senior Scams Prevention Advisory Group which will provide the Federal Trade Commission (FTC) with information about educational materials and programs for retailers, financial services companies and wire-transfer companies to educate their employees to recognize warning signs of elder fraud and stop it before it occurs.
The Seniors Fraud Prevention Act of 2021 establishes the Office for the Prevention of Fraud Targeting Seniors as a part of the FTC. This office will monitor the various fraud schemes targeting seniors and provide information on these schemes to state attorneys general and other law enforcement agencies.
Protecting seniors from the various frauds that target them is one of the primary purposes of Scamicide.com. Here is a link to an interesting article I wrote for the magazine of the Association of Certified Fraud Examiners that describes some common senior scams and how to protect people from these scams. https://www.acfe.com/article.aspx?id=4295009331
I urge you to support this legislation by contacting your Senators and Congressmen or Congresswomen and asking them to vote in favor of this legislation. Here is a link to a listing of all of the Senators and Congressmen and Congresswomen which has contact information for each of them. https://www.govtrack.us/congress/members/current
Education is a key element in preventing fraud and scams of all kind. If you are not a subscriber to Scamicide.com I suggest you subscribe Scamicide and suggest to your friends and family that they do the same so they can receive important new information each day about the latest scams, identity theft schemes and cybersecurity developments and how to protect themselves.
If you are not a subscriber to Scamicide.com and would like to receive daily emails with the Scam of the day, it is free and all you need to do is to go to the bottom of the initial page of http://www.scamicide.com and insert your email address in tab that states “Sign up for this blog.”
For those of you receiving the Scam of the day through an email, I just want to remind you that if you want to see the ever increasing list of Coronavirus scams go to the first page of the http://www.scamicide.com website and click on the tab at the top of the page that indicates “Coronavirus Scams.” Scamicide was recently cited by the New York Times as one of three top sources for information about Coronavirus related scams.