Senate Commerce Committee Advances Sen. Moran Bill to Help Prevent Seniors from Losing Money to Scams
Bipartisan Bill Would Train Retailers, Financial Institutions to Spot and Stop Fraudulent Transactions at the Point of Sale
Jul 10 2019
WASHINGTON – U.S. Senator Jerry Moran (R-Kan.) – chairman of the U.S. Senate Commerce Subcommittee on Manufacturing, Trade, and Consumer Protection – today applauded the Senate Commerce Committee’s unanimous vote to advance his bipartisan Stop Senior Scams Act, which would ensure retailers, financial institutions and wire transfer companies have the resources to train employees to help stop financial frauds and scams on seniors. Prior to the vote, Sen. Moran spoke about the merits of this legislation in front of the Senate Commerce Committee.
Click Here to Watch Sen. Moran’s Full Remarks
“Statistics measuring the financial cost of fraud that target seniors is someplace between $2 billion and $12 billion annually,” said Sen. Moran. “We all hear from our constituents about this on an ongoing basis . . . it is important that we spend time educating our seniors, but also bringing industry and advocacy leaders together to figure out ways to combat senior fraud.”
The bipartisan Stop Senior Scams Act would create a federal advisory council to develop educational materials for retailers, financial institutions and wire transfer companies to use to train employees on how to spot and stop financial scams at the point of sale. This legislation is endorsed by AARP, Amazon, Best Buy, Consumer Federation of America, Consumers Reports, MoneyGram, National Consumers League, National Retail Federation, Retail Industry Leaders Association, Target, Walmart and Western Union.
If you or a loved one receives a suspicious call, hang up the phone immediately and contact the Aging Committee’s toll-free Fraud Hotline at 1-855-303-9470.
Items to Note:
- Sens. Moran and Bob Casey (D-Pa.) introduced the Stop Senior Scams Act on January 16, 2019.
- A summary of the legislation can be found here.
- Full text of the legislation can be found here.
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