WASHINGTON, D.C. (25News Now) – A proposed bipartisan act is aiming to protect senior citizens from becoming targets of financial scams.
The proposed bill, known as the Guarding Unprotected Aging Retirees from Deception (GUARD) Act, would target complex financial fraud.
One major scam the act addresses is called “Pig Butchering.”
Pig Butchering is where criminals build trust over time with elderly victims, usually online. The scammers then trick the victims into investing in fake cryptocurrency or other bogus opportunities.
The scammers then steal the victim’s money before the can withdraw it.
U.S. Democratic Rep. Eric Sorensen (D-IL) is a major supporter of the bill. He stressed the importance of protecting the finances of seniors, especially as the holiday season approaches.
“It’s about damn time that Congress does something to protect people who are being scammed out of their life’s savings,” Sorensen said. “Finally, we have Republicans and Democrats coming together to do something.”
Sorensen said that the guard act would ensure law enforcement polices can keep pace with the ever-changing tactics used by scammers.
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