Stopping Financial Fraud against Senior Citizens
With 2018s tax filing season now officially underway — during which the Internal Revenue Service estimates roughly 155 million returns are expected to be filed – I want to make sure that Nevada’s seniors are adequately protected from financial scams and fraud.
Too often, senior citizens are victims of financial abuse. In fact, the FBI warns that older Americans make attractive victims for such financial schemes because they often are polite and trusting, have a “nest egg,” and excellent credit, own their home, and less expected to report a scam.
Nevada’s seniors should not have to worry about being swindled during their Golden Years, and that’s why I’ve fought to ensure that older Americans are rightfully protected from these predators.
Congress has recently made great strides on a bipartisan proposal that I strongly support to help safeguard senior citizens from financial scams.
The Senior $afe Act, S. 223, which I helped introduce in the U.S. Senate, is a bill that allows financial institutions to train their employees to identify and report financial abuse. It also protects individuals from liability for disclosing the suspected exploitation of a senior citizen to a regulatory or lawenforcement agency authorities.
This measure was unanimously approved by the U.S. House of Representatives in January and it also cleared a key hurdle in the U.S. Senate when the Senate Banking Committee, which I sit on, passed the bill as part of a larger banking regulation package at the end of last year.