AARP Endorses Legislation to Fight Financial Exploitation of Seniors

En español | AARP has long fought to protect older adults from financial exploitation — which has more than doubled since the start of the pandemic, with the average victim losing $120,000, according to an AARP report.

That’s why we wrote to congressional lawmakers this month in support of the Senior Security Act of 2023, which would devote new resources to tackling the problem.

The legislation would create a task force at the U.S. Securities and Exchange Commission to examine and identify challenges that seniors face while investing, as well as recommend changes to regulations or laws. It also calls for a federal study of the economic costs of elder financial abuse and relevant trends — like robocalls and voice spoofing — that affect senior investors, fueled in large part by advancing technology.

Criminals steal billions of dollars from consumers every year, and the true numbers are likely far higher than official tallies due to significant underreporting.

“The effects on victims and their families can be financially and emotionally devastating, especially for older Americans,” Bill Sweeney, AARP senior vice president for government affairs, wrote to the bill’s sponsors. “AARP is pleased to support your legislation to fight back against fraud and scams.”

The legislation would complement our work to fight fraud through programs like AARP’s Fraud Watch Network, which educates consumers about scams, and our BankSafe Initiative, which teaches bank, credit union and retail employees how to spot and stop potential financial exploitation before any funds are transferred.

Read our letters to the House and Senate, and learn more about the latest scams and how to protect yourself.