U.S. Senators Katie Britt, Kirsten Gillibrand Introduce Bipartisan Legislation to Protect Elderly from Financial Fraud
WASHINGTON, D.C. — U.S. Senators Katie Britt (R-Ala.) and Kirsten Gillibrand (D-N.Y.), the ranking member of the Senate Aging Committee, today introduced the Guarding Unprotected Aging Retirees from Deception (GUARD) Act, legislation aimed at protecting the elderly from scammers and financial fraud. Chairman of the Senate Aging Committee Rick Scott (R-Fla.) is also a cosponsor.
The GUARD Act would allow state and local law enforcement to use federal grant funds that they already receive for purposes of hiring agents, training police staff and increasing resources specifically to utilize the blockchain for investigating financial fraud. It would also permit federal law enforcement to assist state and local law enforcement with tracing tools for blockchain technology.
“For too long, scammers have preyed upon the elderly, one of our nation’s most vulnerable populations, and stolen life-changing amounts of money from Americans who often live on fixed incomes. To make matters worse, these scammers exploit gaps in state and local law enforcement capabilities that often allow them to escape prosecution,” said Senator Britt. “I’m proud to lead the GUARD Act with Senator Gillibrand to give law enforcement agencies the tools they need to bring these faceless cowards to justice and take meaningful steps to combat financial fraud at large.”
“Every day, scammers target our seniors, often robbing them of their hard-earned savings and stealing their personal information,” said Senator Gillibrand. “As the top-ranking Democrat on the Senate Aging Committee, I’ve seen firsthand the devastating impact these scams have on older Americans and their families. Far too often, local law enforcement agencies lack the resources they need to track down these criminals and hold them accountable. Our GUARD Act would enhance law enforcement capabilities and foster much-needed cooperation between federal and local agencies to combat fraud and bring scammers to justice. I look forward to working with Senator Britt to get this critical legislation across the finish line.”
Bad actors are leveraging technology, including the blockchain, to scam individuals – particularly the elderly – through “pig butchering” financial fraud schemes. These scammers often know the thresholds that trigger a federal intervention, so they will keep stolen dollar amounts below this threshold, knowing state law enforcement agencies are often not equipped with the same expertise and resources to use blockchain technologies for tracing purposes.
Senator Rick Scott said, “I am thrilled to join Senators Gillibrand and Britt to introduce the Guarding Unprotected Aging Retirees from Deception (GUARD) Act. This bill helps ensure that local and state law enforcement can access critical tools like blockchain tracing technology that is already used by the Department of Justice to freeze hundreds of millions in stolen funds, and receive federal assistance to investigate these crimes more effectively in an effort to stop scams targeting our aging community as we’ve witnessed growing financial threats against aging Americans. As chairman of the U.S. Senate Special Committee on Aging, I am fully committed to standing up for our aging population, who have contributed so much to our country. The committee recently released our annual Fraud Report which details the alarming rise in scams, particularly sophisticated schemes that utilize artificial intelligence (AI). In 2024 alone, frauds and scams cost seniors over $4.8 billion, with those aged 50-59 losing an additional $2.5 billion. Additionally, we have pushed vital initiatives like our National Slam the Scam Day resolution and our toll-free Fraud Hotline, in an effort to expand access to education, prevention tools, and direct support to better empower families to recognize fraud and respond quickly with the necessary steps. Together, with the GUARD Act, we can work to ensure that every older American has the opportunity to enjoy their golden years with dignity, safety, and the financial security they deserve.”
According to the Federal Trade Commission (FTC), in 2023, Americans aged 60 and over reported losing more than $1.9 billion to fraud, with unreported losses potentially as high as $61.5 billion. In 2024, losses increased 21% to over $2.3 billion for these individuals, and the FTC reports over $745 million in losses in just the first three months of 2025, nearly $200 million more than at the same point last year.
The Senators’ legislation is endorsed by AARP. The bill is a Senate companion to H.R.2978, which was introduced by Reps. Zach Nunn (R-Iowa) and Josh Gottheimer (D-N.J.) earlier this year. You can view the full bill text here.
Senator Britt has previously raised awareness on the surge of financial scams, particularly those targeted at elderly citizens, saying in a 2024 Banking committee hearing: “It’s clear we must be doing more. We must be more diligent. We must do better in educating our population, particularly the elderly population, with regards to everything from romance schemes to sweepstakes scams to impersonations, which ultimately let Alabamians become victims . . . I want to make sure we are enabling law enforcement. I want to make sure we are doing everything we possibly can.”
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