Scams – New Protection for Seniors

scamsIn our modern age, scams are not a new concept. Its simple to believe that we can easily navigate and ignore scams but our most vulnerable are at risk. Those with cognitive decline and elderly are some of the most vulnerable. Many times, they are also with the most to loose. We need to find better ways to protect these vulnerable citizens from malicious hoaxes.

Prevent Scams – Support Changing Legislation:

A new bill has been introduced that may help change the tide and protect seniors.  The focus of this bill is to prevent the loss of money, identity and even dignity. The Senior Scams Prevention Act (S. 3522) has the intention to ensure retailers, financial institutions and wire transfer companies can train employees to recognize and prevent financial frauds and extortion of seniors. Furthermore, this legislation can be a powerful tool in changing the tide of these scams into our favor. 

With this act, a federal advisory council would create training materials for these different companies in an effort to prevent fraudulent attacks. This training would provide great insight on suspicious activities and when to stop a scam in there tracks to protect those involved. This type of extortion typically prays on emotional bonds with family, friends, organizations, or causes. Of course these situations are difficult to navigate for the cognitively decline. This makes these companies or the “middle man” the most effective way to prevent these attacks.

As scams increase across the United States, it is important that we find better ways to support and protect our elderly loved ones. This legislation may not be able to prevent all extortion but its definitely a much needed start. As such, its time for us to get active and support those that will help protect our vulnerable loved ones.

For more information on recognizing and preventing extortion read more here. 

 

Bibliography:

All info on Senior Scams Prevention Act was found here.

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