Indy Standard

U.S. Senators Kirsten Gillibrand (D-NY) and Katie Britt (R-AL) have introduced the Guarding Unprotected Aging Retirees from Deception (GUARD) Act, a bipartisan bill aimed at addressing financial fraud targeting seniors. The legislation would allow recipients of certain federal grants to allocate resources and hire personnel specifically for using blockchain technology in investigations of financial fraud. It would also enable federal law enforcement to support state and local agencies with blockchain tracing tools, increasing their ability to track criminals who use cryptocurrency in scams.

“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. Our GUARD Act would 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.”

Senator Britt added: “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. I’m proud to lead the GUARD Act with 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.”

Recent data from the FBI shows that seniors lost more than $4.8 billion due to scams in 2024 alone, with average losses reaching $83,000 per victim. In over 30,000 cases involving seniors last year, cryptocurrency was used as part of fraudulent activities; these cases accounted for roughly $2.84 billion in losses.

A common scam known as “pig butchering” involves perpetrators building trust with victims before convincing them to invest in fake cryptocurrency schemes—a trend that has increasingly affected older adults. Blockchain analysis has helped federal authorities trace illicit transactions by following digital clues left after funds are exchanged through crypto platforms.

The GUARD Act is supported by AARP and serves as a Senate counterpart to H.R.2978 introduced earlier this year by Representatives Zach Nunn (R-IA) and Josh Gottheimer (D-NJ).

Senator Gillibrand has previously sponsored several bills focused on protecting seniors from fraud—including measures like the Stop the Scammers Act, Senior Financial Empowerment Act, DO NOT CALL Act, and SNAP Theft Protection Act—some elements of which have already become law.

The full text of the GUARD Act is available here.