Beware Senior Financial Abuse

Statement

"Elder financial abuse is becoming the crime of the 21st century."

This comment was made over five years ago by the former president of the North American Securities Administrators Association, yet seniors in Iowa and across the country remain vulnerable to this growing problem. Elderly financial abuse is putting our seniors at risk of losing their hard earned savings, or even their identity, and requires all of us to be diligent in protecting our aging loved ones.

There are many different types of scams or fraudulent practices, including the grandparent scam, when a con artist impersonating a grandchild calls begging for money in a phony emergency situation. In another, the scammer may sell counterfeit prescription drugs or "wonder drugs," to unsuspecting seniors. Even Internal Revenue Service (IRS) fraud poses a risk to seniors and other Americans, as fraudsters call posing as IRS employees and demanding payment.

Our seniors and all Iowans deserve better, and I am pleased to fight to address this issue in Congress as we develop and implement commonsense solutions which prioritize protecting Americans' pocketbooks and personal information, and increase penalties and punishment for those who break the law. I launched the Bipartisan Task Force to Combat Identity Theft and Fraud with a mission of protecting seniors and all Americans from hackers, scammers, thieves, and fraudsters. Almost 20 of my colleagues on both sides of the aisle have joined me in this important effort, and the support continues to grow.

To expand protections specifically available to victims of identity theft or IRS fraud, I recently introduced the bipartisan Justice for Victims of IRS Scams and Identity Theft Act. The legislation requires the Department of Justice (DOJ) to produce a plan to review cases involving IRS identity theft quickly, and also requires DOJ to report to Congress about current scams and fraudulent practices, and delineate its plan to address them.

While our government must prioritize addressing elderly abuse and fraud, preventing these heartbreaking occurrences starts with ensuring information is available to our seniors. As the regional operations director for the AARP Foundation told the investigative reporting news website IowaWatch.org, "Unless someone teaches you the red flags of fraud, you don't know the red flags of fraud."

If you, a family member, or someone you know would like more information about preventing or responding to identity theft or fraud, or even have questions or concerns regarding these issues, please feel free to contact my office. I have complied important resources on your behalf and members of my staff are ready, willing, and able to assist you.

Source