Financial scams targeting older adults have grown into a major problem in recent years.
WASHINGTON โ A bipartisan group of U.S. senators introduced legislation Wednesday aimed at strengthening protections for older Americans targeted by financial scams, as lawmakers push to address growing losses tied to fraud.
The proposal, led by Sens. Andy Kim, Susan Collins, Kirsten Gillibrand and Dave McCormick, would create a federal task force within the U.S. Securities and Exchange Commission focused on combating scams that target seniors. Collins and McCormick are Republicans, while Kim and Gillibrand are Democrats.ย
The task force would coordinate efforts across federal agencies and develop strategies to confront fraud schemes aimed at older Americans, according to details shared first with the political publication Semafor.
The text of the bill would require the task force to create a report highlighting some of the more common scams targeting older adults and who might be the most vulnerable to them.ย
The analysis would also look at the federal response to these scams, and propose new solutions to protect the people most at risk from the scams.ย
Lawmakers hope the measure will be included in an upcoming capital formation package being prepared by the U.S. Senate Committee on Banking, Housing, and Urban Affairs. The U.S. House of Representatives passed identical legislation as part of its own capital formation package last year.
Financial scams targeting older adults have grown into a major problem in recent years. Seniors lost as much as $81.5 billion to fraud in 2024, according to the Federal Trade Commission.
Gillibrand, the top Democrat on the United States Senate Special Committee on Aging, said she has seen the toll scams can take on victims.
“Iโve seen firsthand the devastating impact these scams have,” Gillibrand said in a statement when she co-sponsored similar legislation last year. “Far too often, local law enforcement agencies lack the resources they need to track down these criminals and hold them accountable.
Supporters of the bill say a coordinated federal effort could help regulators respond more quickly to emerging fraud tactics and improve protections for older Americans who are often targeted by scammers.
