House Passes Bill to Give Local Police More Tools Against Elder Financial Fraud
The House approved legislation Tuesday (Sept. 15) aimed at giving state and local law enforcement more resources to investigate sophisticated financial scams targeting older consumers in the United States. Among the primary targets of the measure are so-called pig butchering schemes based on cryptocurrency. The House passed the bipartisan GUARD Act, which stands for Guarding […] The post House…
The House of Representatives approved the GUARD Act (Guarding Unprotected Aging Retirees from Deception) on September 15, aiming to provide local and state law enforcement with more resources to investigate scams targeting elderly Americans. The bipartisan measure, passed with a vote of 414-7, addresses cryptocurrency-based fraud schemes like "pig butchering."
The legislation would allow existing federal grants to fund analysts, experts, and specialized training for law enforcement to investigate financial fraud and cryptocurrency-related crimes. Federal agencies would also be authorized to assist state, local, and tribal authorities with blockchain tracing technology to track stolen funds.
The bill now moves to the Senate, where a similar measure has been reported by the Senate Judiciary Committee. Rep. Josh Gottheimer, who co-led the legislation, emphasized the growing concern over scammers targeting seniors and their ability to evade detection due to overseas networks. The GUARD Act recognizes the need to equip law enforcement with tools and resources to combat financial crimes that span technological and geographic boundaries.
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