President Trump has signed the Senior Financial Protection Act, doubling federal penalties for financial exploitation of adults over 65 and creating a new category of federal crime for elder fraud schemes.
New Protections
- Maximum prison sentence: 20 years (up from 10)
- Mandatory restitution to victims
- Banks required to report suspicious transactions involving seniors
- Dedicated FBI elder fraud unit expanded
Elder financial abuse costs Americans over 65 an estimated $28 billion annually. Common schemes include romance scams, tech support fraud, and family member exploitation.
