U.S. Senator Rick Scott is spearheading a bipartisan push to combat the rising wave of financial scams targeting older Americans. His newly introduced legislation, the Guarding Unprotected Aging Retirees from Deception (GUARD) Act, aims to provide local and state law enforcement with enhanced tools and federal resources to better track, investigate, and prevent sophisticated fraud schemes.

Scott, a Florida Republican who chairs the Senate Special Committee on Aging, is co-sponsoring the bill with Sens. Katie Britt (R-Ala.) and Kirsten Gillibrand (D-N.Y.). The measure focuses on improving investigative capabilities by expanding access to technology like blockchain tracing, already used by federal agencies to recover stolen funds.

“This bill ensures local and state law enforcement have the same powerful tools the Department of Justice uses to freeze and recover millions in stolen money,” Scott said. “It also provides federal support to investigate these complex scams more effectively.”

In 2024 alone, Americans over age 60 lost more than $4.8 billion to scams, according to Scott. Another $2.5 billion was lost by people aged 50 to 59. The GUARD Act proposes expanding federal grants to train officers and enhance cooperation between local and federal authorities.

The bill builds on Scott’s earlier anti-fraud initiatives, including an annual Senate Fraud Report, “Slam the Scam Day” awareness campaigns, and a dedicated fraud hotline for seniors and families.

Sen. Britt said the legislation is intended to help “bring these faceless cowards to justice,” while Sen. Gillibrand stressed the importance of giving law enforcement the tools they need to fight back.

“Every day, scammers rob our seniors of savings and personal information,” Gillibrand said. “Local agencies often lack the tools to pursue these criminals. The GUARD Act bridges that gap.”

As scammers grow more sophisticated — often operating from overseas and using artificial intelligence to mask their operations — financial crimes against seniors are becoming more widespread and harder to solve. According to AARP’s Fraud Watch Network, police and prosecutors are overwhelmed, and very few cases result in convictions.

“We’re at a crisis point when it comes to fraud,” said Kathy Stokes, the group’s director of fraud prevention. “It’s easy to be a scammer. There’s little risk and big rewards.”

The Federal Trade Commission estimates that most fraud cases go unreported, with many victims too ashamed or intimidated to come forward. A 2023 AARP study estimated seniors lose $28.3 billion annually, while a broader FTC estimate suggested scammers stole $137 billion in 2022 — including $48 billion from older Americans.

Despite the wide range of uncertainty in these figures, lawmakers say one thing is clear: fraud is exploding, and the time to act is now.

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