A new law protecting seniors, The Seniors Fraud Prevention Act, passed unanimously and strengthens the federal reporting system for fraud complaints and requires the FTC to monitor fraud schemes targeting seniors.
This story and thousands more like it prompted the new law:
A Duluth elderly mother had picked up the phone to happy news. She had won the lottery- $2.5 million and a new Mercedes! But before she could claim her prize, the contest organizers needed something from her. You can probably guess what it was. In a matter of days, the phone scammers had defrauded the 82-year-old woman out of $47,000, forcing her into bankruptcy.
Seniors are extremely vulnerable and face a constant influx of lies and scams to their mail boxes, inboxes even their phones. These phony contests, fraudulent charities, fake investment opportunities, even scams involving their supposed “grandchildren” who got in trouble overseas and need money wired to them, immediately- all attempt to drain seniors’ of their hard-earned life savings. A new fraud scheme targeting seniors appears almost daily, according to a fraud investigator for the AARP.
The Seniors Fraud Prevention Act of 2017 strengthens the federal reporting system for fraud complaints and requires the Federal Trade Commission to monitor the market for fraud schemes targeting seniors.
This bill directs the Federal Trade Commission (FTC) to establish an office within the Bureau of Consumer Protection to advise the FTC on the prevention of fraud targeting seniors and to assist the FTC in monitoring the market for mail, television, Internet, telemarketing, and recorded message telephone call (robocall) fraud targeting seniors.
The office must: (1) disseminate to seniors and their families and caregivers information on the most common fraud schemes, including methods of reporting complaints either to the FTC’s national toll-free telephone number or to the FTC’s Consumer Sentinel Network, where complaints become immediately available to the Federal Bureau of Investigation, state attorneys general, and other appropriate law enforcement agencies; (2) provide, in response to a specific request about a particular entity or individual, publicly available information regarding the FTC’s enforcement action; and (3) maintain a website as a resource for information on fraud targeting seniors.
If you have any questions on this topic or are in a financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.