Collins, Klobuchar Legislation to Prevent Fraud Targeting Seniors Signed Into Law

Washington, D.C. – U.S. Senators Susan Collins (R-ME) and Amy Klobuchar (D-MN) announced that their bipartisan legislation to prevent fraud targeting seniors was signed into law. The Seniors Fraud Prevention Act will help fight scams designed to rob seniors of their assets by directing the Federal Trade Commission (FTC) to create an office to educate seniors about fraud schemes while also improving the agency’s monitoring and response to fraud complaints.

“Raising awareness about financial scams is key to protecting seniors’ hard-earned savings, particularly among older Americans who are more likely to be targeted,” said Senator Collins. “The Seniors Fraud Prevention Act will enhance fraud monitoring, increase consumer education, and strengthen the complaint tracking system at the Federal Trade Commission to help prevent seniors from being robbed of their hard-earned savings through threatening and manipulative scams. I am pleased that our legislation received overwhelming, bipartisan support and that the President signed it into law.”

“All Americans deserve safety and dignity in their senior years, but too often, older Americans are the targets of deceptive scams that can have serious consequences,” said Senator Klobuchar. “Now that this legislation has been signed into law, we will take a critical step in combating fraud targeting seniors. By identifying scams and educating consumers, this law will help prevent more seniors from falling victim to these tactics.”

The Seniors Fraud Prevention Act will help protect seniors from fraud schemes by creating an office at the FTC with the mission of helping fight scams designed to strip seniors of their assets by educating seniors about fraud schemes and improving the Commission’s monitoring and response to fraud complaints. The law will also require the FTC, the agency responsible for handling consumer complaints, to coordinate with other agencies to monitor for fraud schemes targeting seniors. In addition, the law will require the FTC to distribute information — to seniors, their families, and their caregivers — that explains how to recognize fraud schemes and how to contact law enforcement authorities in the event that a senior is targeted for fraud.

As a member of the Senate Aging Committee, Senator Collins has been a longtime leader in the effort to protect consumers from fraud and support seniors, particularly during the pandemic. Over a period of seven years while serving as Chairman and Ranking Member of the Aging Committee, she held 25 hearings on a wide variety of scams defrauding seniors.  

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