Tennessee Attorney General Herbert H. Slatery III is joining a coalition of 47 Attorneys General in urging congressional leaders to support the Fraud and Scam Reduction Act.
The act, comprised of the Stop Senior Scam Act and Seniors Fraud Prevention Act of 2021, would assist stakeholders in training employees to recognize the warning signs of elder fraud and to prevent irreversible damage to elderly victims.
“Seniors lose billions of dollars every year to financial scams,” said General Slatery. “The Tennessee Attorney General’s Office is committed to reducing that number and The Fraud and Scam Reduction Act will help by providing education and resources to older adults and those who care for them.”
The act, H.R. 1215, is bipartisan legislation that to provide innovative ways to combat the financial exploitation of senior citizens. The legislation would establish the Senior Scams Prevention Advisory Group that is accountable to Federal Trade Commission.
The group would collect data generated by stakeholders such as retailers, financial services, and wire-transfer companies to help educate employees on how to identify and prevent scams that target seniors. The group would develop training and educational materials for those employees best suited to identify the warning signs of elder fraud.
The act also establishes the Office for the Prevention of Fraud Targeting Seniors, housed in the Bureau of Consumer Protection of FTC. The office will complement the efforts of the Senior Scams Prevention Advisory Group by doing the following:
•Monitoring emerging scams that target seniors through the internet, mail, robocalls, telemarketing, and television;
•Disseminating information on common fraud schemes;
•Sharing information on how to report suspected senior fraud scams to a national fraud hotline and the FTC’s Consumer Sentinel Network.
FTC will also work with U.S. Attorney General’s Office to log and track complaints from victims and relay the information to the appropriate law enforcement agencies.
To read the letter visit https://www.tn.gov/content/dam/tn/attorneygeneral/documents/pr/2021/pr21-21-letter.pdf.
Attorney General Slatery joined the attorneys general from the following states: Florida, New York, Alaska, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Georgia, Guam, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Northern Mariana Islands, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Utah, Vermont, Virginia, Washington, Wisconsin, and Wyoming.