Gillibrand, Britt Introduce Bipartisan Legislation To Protect Seniors From Financial Fraud

Jul 31, 2025
Today, U.S. Senators Kirsten Gillibrand (D-NY), ranking member of the U.S. Senate Aging Committee, and Katie Britt (R-AL) introduced theGuarding Unprotected Aging Retirees from Deception (GUARD) Actto protect seniors from financial frauds and scams.
TheGUARD Actwould allow grantees of several existing federal grant programs to use funds to increase resources and personnel specifically to utilize the blockchain for investigating financial fraud. It would also permit federal law enforcement to assist state and local law enforcement with tracing tools for blockchain technology, bolstering their ability to catch fraudsters who use cryptocurrency to facilitate their crimes.
“Every day, scammers target our seniors, often robbing them of their hard-earned savings and stealing their personal information,”said Senator Gillibrand.“As the top-ranking Democrat on the Senate Aging Committee, I’ve seen firsthand the devastating impact these scams have on older Americans and their families. Far too often, local law enforcement agencies lack the resources they need to track down these criminals and hold them accountable. OurGUARD Actwould enhance law enforcement capabilities and foster much-needed cooperation between federal and local agencies to combat fraud and bring scammers to justice. I look forward to working with Senator Britt to get this critical legislation across the finish line.”
“For too long, scammers have preyed upon the elderly, one of our nation’s most vulnerable populations, and stolen life-changing amounts of money from Americans who often live on fixed incomes. To make matters worse, these scammers exploit gaps in state and local law enforcement capabilities that often allow them to escape prosecution,”said Senator Britt.“I’m proud to lead theGUARD Actwith Senator Gillibrand to give law enforcement agencies the tools they need to bring these faceless cowards to justice and take meaningful steps to combat financial fraud at large.”
According to theFBI, seniors lost over $4.8 billion to scammers in 2024, with an average loss of $83,000. Cryptocurrency was used to facilitate the crime in over 30,000 reports of fraud against seniors, resulting in a net loss of about $2.84 billion. “Pig butchering” schemes – when scammers gain victims’ trust, entice them to invest in fake cryptocurrency projects, and then stealthier contributions – have become a growing threat against older adults.
Blockchain technology has been useful in helping federal law enforcement and national security agencies prevent pig butchering. When targeting their victims, pig butchering scammers can leave a trail of clues on the blockchain after they swap the illegally obtained funds at a crypto exchange platform. This exchange can reveal a Bitcoin address belonging to the scammer, which can then be identifiable by federal and local law enforcement agencies. By increasing the capacity of law enforcement for blockchain investigations, theGUARD Actwill help protect seniors from these fraudulent ploys.
The senators’ legislation is endorsed by AARP. The bill is a Senate companion to H.R.2978, which was introduced by Reps. Zach Nunn (R-IA) and Josh Gottheimer (D-NJ) earlier this year.
Senator Gillibrand has worked to prevent financial fraud throughout her time in office. As ranking member of the Senate Aging Committee, she has led thefight to protect seniors from frauds and scams,raised awareness about predatory scammers targeting seniors, anddemanded answers from those attempting to cut funding for agencies like the CFPB. She has also introduced legislation such as theStop the Scammers Act,theSenior Financial Empowerment Act, and theDO NOT CALL Act, as well as theSNAP Theft Protection Act, the core of which was passed into law in 2022.
The full text of theGUARD Actis availablehere.
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