Securities Arbitration Lawyers BlogWhat is the Senior Safe Act?
Find out how the proposed law would help protect the elderly
Elder financial fraud in the U.S. has now reached an epidemic level. According to an estimate from the Government Accountability Office (GAO), seniors are scammed out of almost $3 billion every year. Fortunately, plans are in the works to help stop this growing problem.
Earlier this year, Senators Susan Collins and Claire McCaskill introduced the Senior Safe Act. This bipartisan legislation aims to protect older people from financial exploitation and fraud. If passed, support would be given to regulators and financial institutions to educate employees about identifying and preventing abuse.