WASHINGTON — Last year, Americans aged 60 and older reported losing more than $2.3 billion – a 21% over $1.9 billion in 2013 – to fraud.
This year, the numbers are increasing with more $745 million in losses in just the first three months of 2025, nearly $200 million more than at the same point last year.
To help protect the elderly from these scammers and financial fraud, U.S. Sens. Katie Britt and Kirsten Gillibrand introduced the Guarding Unprotected Aging Retirees from Deception (GUARD) Act.
“For too long, scammers have preyed upon the elderly, one of our nation’s most vulnerable populations, and stolen life-changing amounts of money from Americans who often live on fixed incomes,” said Britt (R-Montgomery). “To make matters worse, these scammers exploit gaps in state and local law enforcement capabilities that often allow them to escape prosecution.
“I’m proud to lead the GUARD Act with Senator Gillibrand to give law enforcement agencies the tools they need to bring these faceless cowards to justice and take meaningful steps to combat financial fraud at large.”
The GUARD Act would allow state and local law enforcement to use federal grant funds that they already receive for purposes of hiring agents, training police staff and increasing resources specifically to utilize the blockchain for investigating financial fraud.
It would also permit federal law enforcement to assist state and local law enforcement with tracing tools for blockchain technology.
“Every day, scammers target our seniors, often robbing them of their hard-earned savings and stealing their personal information,” said Gillibrand (D-N.Y.). “As the top-ranking Democrat on the Senate Aging Committee, I’ve seen firsthand the devastating impact these scams have on older Americans and their families. Far too often, local law enforcement agencies lack the resources they need to track down these criminals and hold them accountable. Our GUARD Act would enhance law enforcement capabilities and foster much-needed cooperation between federal and local agencies to combat fraud and bring scammers to justice.
“I look forward to working with Senator Britt to get this critical legislation across the finish line.”
Bad actors are leveraging technology, including the blockchain, to scam individuals – particularly the elderly – through “pig butchering” financial fraud schemes, Britt said. These scammers often know the thresholds that trigger a federal intervention, so they will keep stolen dollar amounts below this threshold, knowing state law enforcement agencies are often not equipped with the same expertise and resources to use blockchain technologies for tracing purposes.
The senators’ legislation is endorsed by AARP and a companion to H.R. 2978, which was introduced by Reps. Zach Nunn (R-Iowa) and Josh Gottheimer (D-N.J.).
Don’t miss out! Subscribe to our email newsletter to have all our smart stories delivered to your inbox.
