Representative Abe Hamadeh (R-AZ) introduced a bill to crack down on fraudsters who scam America's seniors online.
What the Bill Does
Rep. Hamadeh's CATFISH Act strengthens employee training to recognize fraudsters and warn seniors before they lose money.
Financial institutions would also be required to strengthen fraud protections and encourage best practices to prevent losses.
According to Rep. Hamadeh's press release, the Federal Trade Commission (FTC) estimates that America's seniors were scammed out of $2.4 billion in 2024, while some experts suggest that the true cost of fraud could be as high as $82 billion, as many senior victims never report their losses.
What Hamadeh is Saying
"My team has received many requests for assistance from constituents who have been victimized themselves or are loved ones of seniors who have been victimized by these sophisticated criminals. The stories are heartbreaking," Rep. Hamadeh said in a press release. "For too many seniors, these losses mean depleted retirement accounts, delayed medical care, diminished independence, and financial devastation that is unrecoverable. These often-devastating crimes can be prevented, and my legislation aims to do just that."
Other Anti-Scam Efforts
In March, Representative David Schweikert (R-AZ) chaired a bicameral Joint Economic Committee hearing on combating scams, focusing on how technology can prevent money from ever being sent to scammers.
"How do we build a model, a technology, a policy, so the money never leaves the individual's account?" Rep. Schweikert asked one of the hearing witnesses, later saying, "Look, this is a plague on our society. You guys are doing amazing work, and we need to get this down to zero."
In April, Representative Eli Crane (R-AZ) similarly questioned experts on preventing scams and fraud during a House Homeland Security Committee hearing, saying, "What would you guys advise Average Joe American to do? What operating procedures would you have them look at and avoid even getting involved in these scams?"
