Fraud and Scam Reduction Act

Fraud and Scam Reduction Act

This bill expands activities to address mail, telephone, and internet fraud, particularly such scams targeting older adults.

The bill establishes a Senior Scams Prevention Advisory Group, which must create model educational materials to educate employees of retailers, financial-services companies, and wire-transfer companies on how to identify and prevent scams that affect older adults.

Further, the Federal Trade Commission (FTC) must establish an advisory office in the Bureau of Consumer Protection to assist the FTC in monitoring scams targeting older adults, educating consumers, and receiving complaints.