Amid rising scams targeting the elderly, U.S. Rep. Vern Buchanan (R-FL) called for passage of legislation on Tuesday that he co-authored to help eliminate scams targeting seniors.
Under the Seniors Fraud Prevention Act, H.R. 2633, the Federal Trade Commission (FTC) would be directed to establish a senior fraud group that alerts consumers about scams, maintains online resources and creates an effective system for seniors to file complaints.
“Protecting seniors should be a bipartisan priority,” Buchanan said. “The Senate and House should move swiftly to approve this bill and put it on the president’s desk before more seniors fall victim to financial fraud.”
An Investor Protection Trust survey recently found that one in five seniors has been taken advantage of financially through inappropriate investments, high fees for financial services or outright fraud.
“Seniors have worked and saved their entire lives and should not be ripped off when they most need their money,” Buchanan said. “Unfortunately, con artists and predators have targeted older Americans with a variety of financial scams.”
Buchanan’s Taxpayer Identity Protection Act was signed into law in December as part of a larger bill to remove Social Security numbers from tax forms to help crack down on identity theft, a crime often targeting seniors.
“Seniors must be on guard against criminals who will rob them of their financial security,” Buchanan said. “In order to protect yourself, it pays to know what the scammers are up to.”