Bipartisan Bill Would Train Retailers, Financial Institutions to Spot and Stop Fraudulent Transactions at the Point of Sale
WASHINGTON – U.S. Senators Jerry Moran (R-Kan.) – chairman of the U.S. Senate Commerce Subcommittee on Manufacturing, Trade, and Consumer Protection – and Bob Casey (D-Penn.) – ranking member of the U.S. Senate Special Committee on Aging – introduced the Stop Senior Scams Act to ensure retailers, financial institutions and wire transfer companies have the resources to train employees to help stop financial frauds and scams on seniors.
“Our nation’s seniors are among the most vulnerable consumers in this digital age—mistakenly falling victim to scammers that steal their money, identity and dignity,” said Sen. Moran. “This legislation would bring key industry and government leaders together to make certain we are doing all we can to protect seniors. I’m proud to introduce this widely-supported, bipartisan bill with Senator Casey that would provide resources, materials and programs on fraud prevention.”
“Far too many older Americans have been targeted and victimized by scam artists who steal more than $3 billion annually from seniors,” said Senator Casey. “These criminals coerce and threaten legal action against our elder loved ones if ‘payment’ is not made immediately, often through a wire transfer or gift card. The Stop Senior Scams Act is a common sense proposal that would help stop a payment before it is made so seniors don’t lose one more penny to a fraud or scam.”
The bipartisan Stop Senior Scams Act was introduced during a Senate Aging Committee hearing this morning on fighting elder fraud. The bill would create a federal advisory council to develop educational materials for retailers, financial institutions and wire transfer companies to use to train employees on how to spot and stop financial scams at the point of sale. This legislation is endorsed by AARP, Amazon, Best Buy, Consumer Federation of America, Consumers Reports, MoneyGram, National Consumers League, National Retail Federation, Retail Industry Leaders Association, Target, Walmart and Western Union.
If you or a loved one receives a suspicious call, hang up the phone immediately and contact the Aging Committee’s toll-free Fraud Hotline at 1-855-303-9470.