(Washington, D.C.) U.S. Representative Zach Nunn, from Iowa’s 3rd District, introduced bipartisan legislation to fight back against scams targeting retirees.
The Empowering States to Protect Seniors Against Bad Actors Act, which is co-led by U.S. Representative Josh Gottheimer, will combat fraud on social media that targets retirees.
According to the FBI’s 2023 Elder Fraud Report, retirees had more than $3.4 billion stolen through scams. More than 100,000 retirees reported that they were victims of scams, losing a heartbreaking average of $33,915. About 6,000 retirees lost more than $100,000.
According to the Federal Trade Commission, Americans lost $2.7 billion in social media scams between 2021 and 2023, four times as much as fraudsters stole in website scams and a billion more than email scams.
The Empowering States to Protect Seniors Against Bad Actors Act would establish a grant program at the U.S. Securities and Exchange Commission. The grants can be used to hire enforcement officers, invest in cutting-edge technology, develop educational resources to inform the public about scams, and create forward-thinking strategies to combat financial exploitation and fraud targeting retirees.
