Congress Enacts Bill to Protect Older Adults from Scam Artists

A bipartisan bill co-written by Sen. Susan Collins (R-Maine) to protect seniors from scammers has been passed by Congress, reports the Portland Press Herald . The measure received House approval on Tuesday as part of a banking reform package, and it will now go to President Trump for his signature. The bill will encourage banks, credit unions, investment advisers, broker-dealers, insurance firms, and insurance agencies to train employees about financial fraud and report suspected abuses. The legislation also will shield these institutions from being sued for reporting suspected fraud, provided they have trained their employees and made their reports on a reasonable basis to the proper authorities. "As Chairman of the Senate Aging Committee, I have been committed to fighting fraud and financial exploitation targeted at older Americans," Collins notes. "The Senior $afe Act, based on Maine's innovative program, will empower and encourage our financial service representatives to identify warning signs of common scams and help prevent seniors from becoming victims." Rep. Bruce Poliquin (R-Maine), who sponsored the bill in the House, praised its passage. "Maine is home to the oldest population in the nation and, unfortunately, so many of our seniors fall victim to financial abuse and fraud," he said. "Maine's seniors ... should have the protections and support they need when financial criminals attempt to do them harm."