U.S. Senator Kirsten Gillibrand said financial scams targeting seniors skyrocketed during the pandemic, and it's estimated that in New York State alone, seniors lose $1.5 billion dollars a year through financial fraud.
Gillibrand has reintroduced federal legislation that would ensure that older adults and their caregivers have access to critical information about financial abuse and the tools they need to get help if they are being victims of fraud.
"It would standardize and improve the way older adult financial abuse is reported, establish a national hotline that would advise seniors on where and how to report fraud and provide more resources to combat financial exploitation of seniors before it happens," Gillibrand said.
Gillibrand said the top concern is the Social Security scam, where an imposter tells a potential victim their number has been suspended because of suspicious activity and they need to confirm what that number is.
She said the scammer is exploiting a public good, and that this legislation would help older Americans identify when they are being taken advantage of.