WASHINGTON, D.C. –U.S. Senator Shelley Moore Capito (R-W.Va.) this week co-sponsored the bipartisan Senior$afe Act of 2017. The bill, which was introduced by U.S. Senators Susan Collins (R-Maine) and Claire McCaskill (D-Mo.), would put in place a commonsense plan to help protect seniors from financial exploitation and fraud by providing support to regulators, financial institutions and legal organizations to educate their employees about how to identify and prevent financial exploitation of older Americans.

According to the GAO, financial fraud targeting older Americans is a growing epidemic that costs seniors an estimated $2.9 billion annually. These scams range from the “Jamaican Lottery Scam,” to the IRS impersonation scam, and as recently highlighted in a Senate Aging Committee hearing, the financial exploitation of seniors through guardianships.

“It has always been a priority of mine to protect all West Virginians from fraud, including our seniors,” said Senator Capito. “After learning about the success of the Senior$afe program in Maine, I am convinced this program should be expanded nationwide to help seniors avoid fraud and financial exploitation.”

The Senior$afe Act is based on Maine’s innovative Senior$afe program, a collaborative effort by Maine’s regulators, financial institutions and legal organizations to educate bank and credit union employees on how to identify and help stop financial exploitation of older Mainers.

Current bank privacy laws can make it difficult for financial institutions to report suspected fraud to the proper authorities. The Senior$afe Act would address this problem by:

  • Encouraging banks, credit unions, investment advisors, broker-dealers, insurance companies and insurance agencies to report suspected senor financial fraud; and
  • Protecting these institutions from being sued for making reports so long as they have trained their employees, and make reports in good faith and on a reasonable basis to the proper authorities.

Co-sponsors of the Senior$afe Act of 2017 include: Senators Johnny Isakson (R-Ga.), Bob Casey (D-Pa.); Amy Klobuchar (D-Minn.); Thom Tillis (R-N.C.); Jeanne Shaheen (D-N.H.); Roger Wicker (R-Miss.); Jon Tester (D-Mont.); John Barrasso (R-Wyo.); Joe Donnelly (D-Ind.); Dean Heller (R-Nev.); and Angus King (I-Maine). 

###