Lincoln, Nebraska—Attorney General Doug Peterson is joining a coalition of 47 Attorneys General in urging congressional leaders to support the Fraud and Scam Reduction Act. The act, comprised of the Stop Senior Scam Act and Seniors Fraud Prevention Act of 2021, will assist stakeholders in training employees to recognize the warning signs of elder fraud and to prevent irreversible damage to elderly victims.
The act, H.R. 1215, is bipartisan legislation that will provide innovative ways to combat the financial exploitation of senior citizens. The legislation will establish the Senior Scams Prevention Advisory Group that is accountable to the Federal Trade Commission. The group will collect data generated by stakeholders such as retailers, financial services, and wire-transfer companies to help educate employees on how to identify and prevent scams that target seniors. The group will develop training and educational materials for those employees best suited to identify the warning signs of elder fraud.
The act also establishes the Office for the Prevention of Fraud Targeting Seniors—housed in the Bureau of Consumer Protection of the FTC. The Office will complement the efforts of the Senior Scams Prevention Advisory Group by:
- Monitoring emerging scams that target seniors through the internet, mail, robocalls, telemarketing, and television;
- Disseminating information on common fraud schemes; and
- Sharing information on how to report suspected senior fraud scams to a national fraud hotline and the FTC’s Consumer Sentinel Network.
The FTC will also work with the U.S. Attorney General’s Office to log and track complaints from victims and relay the information to the appropriate law enforcement agencies.