Con-artists are known for targeting senior citizens; oftentimes, they try to scam retirees out of their hard-earned benefits. These scams lead up to an average loss of $2.9 billion each year. Luckily, the U.S. House of Representatives is working to prevent these scams.
The Bill
On May 11, 2022, lawmakers in the House passed The Empowering States to Protect Seniors from Bad Actors Act. This legislation authorizes spending up to $10 million on resources to help prevent and investigate scams.
Such spending could include hiring additional investigators, improving technology and equipment, providing more training, and educating senior citizens on how to identify such financial scams.
Devastating Effects of Scams
There are various scams targeting senior citizens. In fact, in 2021 alone, there were a reported 7 million Americans who fell victim to these scams. However, this number does not include those victims who remained unreported.
Actually, experts estimate only 1 in 24 cases of such scams are ever reported. Unfortunately, of those reported, the highest percentage are those where scammers impersonate Social Security.
Keep Information Safe
The best way to prevent falling victim to a financial scam is to keep information safe and avoid providing personal information whenever possible.
Unfortunately, this isn’t always so straightforward. Many reports indicate scammers impersonating government officials and employees; this technique gives the scammers more credibility, causing their targets to let down their guard.
If ever in doubt about any offers, calls, or transactions, remember that the Fraud Hotline, (855) 303-9470 is always available.
Who We Are
Senior citizens deserve to feel financially secure during retirement. And finding ways to help bring about this feeling is what we’re about. Senior Security Alliance is a grassroots organization dedicated to helping senior citizens achieve more financial security.
Make sure to visit our website and follow us on Facebook and Twitter to find out more.
