Fraudsters target older adults through phone scams, email phishing, fraudulent investment schemes, and deceptive financial practices. Many seniors lack access to up-to-date scam prevention resources, and existing consumer protections are insufficient.

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To combat this, Congress and regulatory agencies must:

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• Strengthen federal and state regulations against fraudulent telemarketing, robocalls, and deceptive financial schemes

• Increase enforcement and penalties for scammers targeting older adults

• Require financial institutions to implement stronger fraud detection and reporting protocols to protect seniors' accounts

• Mandate businesses and government agencies to provide clearer fraud warnings and protections for older customers

• Improve coordination between law enforcement, financial institutions, and fraud prevention organizations to streamline reporting and prosecution of scammers

Knowledge is the best defense against fraud. Yet, too many seniors are unaware of the latest scams or how to protect themselves. Public awareness campaigns, training programs, and access to resources must be expanded.

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To address this, we call on policymakers to:

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• Fund and implement nationwide scam prevention education programs for seniors, caregivers, and financial professionals

• Integrate scam awareness education into Medicare, Social Security, and financial literacy programs

• Ensure all scam prevention materials are available in multiple languages, including Spanish, to reach diverse communities

• Require technology and financial companies to offer fraud prevention training to their older customers

Many victims of scams do not report fraud due to fear, shame, or lack of knowledge about where to turn for help. Additionally, law enforcement agencies often lack the resources or expertise to pursue financial fraud cases effectively.

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To improve fraud reporting and victim assistance, we urge policymakers to:

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• Establish a national, centralized reporting system for financial fraud targeting seniors

• Provide increased funding for local law enforcement and regulatory agencies to investigate and prosecute scammers

• Expand victim assistance programs, including financial recovery support and legal aid for defrauded seniors

• Strengthen whistleblower protections for financial professionals who report suspected fraud against seniors

Many scams exploit financial vulnerabilities, such as fixed incomes, medical expenses, and retirement savings gaps. Strengthening seniors' financial security reduces their risk of falling victim to fraud.

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To promote financial stability, we urge policymakers to:

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• Expand financial literacy programs specifically for seniors to help them safeguard their assets

• Improve Medicare fraud detection systems to prevent seniors from being billed for fraudulent medical services

• Strengthen protections for retirement accounts and pensions from fraudulent investment schemes

• Work with banks and financial institutions to develop safer banking options and fraud alerts for older customers

The Consumer Financial Protection Bureau (CFPB) played a crucial role in protecting older adults from financial fraud, scams, and predatory practices. With its shutdown, millions of seniors now face increased risks, fewer consumer protections, and limited access to fraud prevention resources.

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To address this critical gap, we call on Congress and state governments to:

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• Establish new consumer protection agencies or expand existing state-level oversight to fill the gap left by the CFPB

• Increase funding and resources for local consumer protection offices, fraud hotlines, and financial assistance programs for seniors

• Strengthen banking regulations to prevent fraudulent transactions targeting older adults

• Expand public-private partnerships to ensure that banks, businesses, and government agencies work together to detect and prevent fraud

• Support educational programs and advocacy groups, like SAS, that provide seniors with the tools to protect themselves from scams