ICYMI: “Declaring War on Financial Abuse of Older People”

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Washington, D.C. - U.S. Senator Susan Collins’ efforts to protect older Americans against financial fraud were featured today in a New York Times article titled “Declaring War on Financial Abuse of Older People.” Senator Collins, who is Chairman of the Senate Aging Committee, introduced legislation, the Senior $afe Act of 2017 to help protect American seniors from financial exploitation and fraud by providing support to regulators, financial institutions, and legal organizations to educate their employees about how to identify and prevent financial exploitation of older Americans.

“Senator Susan Collins, Republican from Maine, has introduced legislation aimed at improving the reporting of fraud and teaching seniors to recognize the signs of exploitation,” wrote New York Times reporter Elizabeth Olson. “Ms. Collins, who heads the Senate Special Committee on Aging, called financial fraud against older Americans “a growing epidemic that costs seniors an estimated $2.9 billion annually.”

The Senior $afe Act is based on Maine’s innovative Senior$afe program, a collaborative effort by Maine’s regulators, financial institutions, and legal organizations to educate bank and credit union employees on how to identify and help stop financial exploitation of older Mainers. It has been endorsed by several organizations, including AARP, the nation’s largest senior advocacy organization.

Click HERE for more information on the Senior $afe Act.