Senators Britt and Gillibrand Introduce GUARD Act to Combat Financial Scams Targeting Seniors
U.S. Senators Katie Britt (R-Alabama) and Kirsten Gillibrand (D-New York) have unveiled the bipartisan Guarding Unprotected Aging Retirees from Deception (GUARD) Act, aimed at protecting older Americans from financial exploitation, particularly fraud involving cryptocurrency and blockchain technologies.
The GUARD Act would empower state and local law enforcement agencies to utilize existing federal grant funding to bolster personnel training and resource deployment for investigating financial crimes linked to blockchain. Additionally, it would grant federal agencies the authority to offer advanced tracing tools to enhance local investigations.
“Scammers exploit systemic gaps in law enforcement that allow them to evade justice,” said Britt. “The GUARD Act will equip agencies with vital tools to combat these threats effectively.” Gillibrand noted the struggle local agencies face in responding to increasing scams targeting seniors, highlighting that many of these crimes result in significant financial losses and identity theft among vulnerable populations.
According to the Federal Trade Commission, Americans over 60 reported over $1.9 billion in fraud losses in 2023, a figure that skyrocketed to more than $2.3 billion in 2024. Experts estimate that actual losses may be as high as $61.5 billion due to unreported cases. One concerning trend is the “pig butchering” scam, where culprits build deceptive online relationships to gain victims’ trust and solicit money, often laundering it through blockchain.
Endorsed by AARP and aligned with House legislation H.R. 2978, the GUARD Act aims to enhance cooperation between federal and local agencies, ensuring a united front against increasingly sophisticated scams. As scams continue to rise, lawmakers emphasize the urgent need for measures like the GUARD Act to protect the financial security of older Americans.
Senator Rick Scott (R-Florida), a cosponsor of the bill, remarked on its significance in empowering law enforcement with essential tools to combat this burgeoning problem, stating, “This bill will help ensure that our seniors are protected from financial exploitation.”
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