The Seniors Fraud Prevention Act, co-sponsored by U.S. Senators Susan Collins (R-ME), Chairman of the Senate Aging Committee, and Amy Klobuchar (D-MN), was recently approved by the Senate Commerce Committee and now awaits consideration by the full Senate.
The Seniors Fraud Prevention Act (S. 512) would help protect seniors from fraud schemes by strengthening the reporting system to ensure complaints of fraud are handled quickly by the appropriate law enforcement agencies. The bill would also require the Federal Trade Commission (FTC), the agency responsible for handling consumer complaints, to coordinate with other agencies to monitor the market for fraud schemes targeting seniors.
In addition, the bill would require the FTC to distribute information to seniors, their families, and their caregivers explaining how to recognize fraud schemes and how to contact law enforcement authorities if a senior is targeted.
Earlier this year, Senator Collins released the Aging Committee’s 2019 Fraud Book in a hearing titled:"Fighting Elder Fraud: Progress Made, Work to be Done."
Marc has 36 years in financial services and 6 years in teaching.
Visit Us on Google