The U.S. House of Representatives passed legislation that gives state and local law enforcement the tools to investigate financial fraud and scams targeting older Americans.
According to the FBI, scammers are using social media, email, text messages, and phone calls to lure retirees into fake investment schemes and clean out their accounts. This scam is often referred to as “pig butchering.”
The Guarding Unprotected Aging Retirees from Deception, or GUARD Act, allows state, local, and Tribal law enforcement to use eligible federal grant funding to investigate financial fraud. It would also clarify that federal law enforcement can help those officers use blockchain tracing tools to follow stolen money and recover it.
The bill is sponsored by Reps. Zach Nunn (R-IA), Josh Gottheimer (D-NJ) and Scott Fitzgerald (R-WI).
“The GUARD Act came directly from an Iowa sheriff’s deputy who told me officers were watching criminals steal the life savings of hardworking Iowans but lacked the tools to track them down and recover the money. Today, the House voted to give state and local law enforcement the resources they need to pursue fraudsters, recover stolen funds, and deliver justice for victims. I urge the Senate to take it up without delay and get these protections to the Iowans who need them,” Nunn said on the House floor.
It passed the House by a vote of 414-7.
“Every day, scammers are targeting our seniors — draining the hard-earned savings they spent a lifetime building, often with a single phone call or a fake investment scheme,” Gottheimer said. “These criminals don’t play it straight, and too often they hide behind overseas networks that make them nearly impossible to track. The GUARD Act gives our cops and investigators the tools and the resources to hunt these fraudsters down, claw back stolen money, and protect the people who built this country.”
The bill now advances to the Senate for consideration.
“As technology continues to evolve, so do the tactics used by criminals to defraud hardworking Americans. The House passage of the GUARD Act is an important step toward giving state and local law enforcement the tools they need to combat financial fraud and protect victims,” Fitzgerald said.
The bill has drawn support from several organizations including Americaʻs Credit Unions, US Chamber of Commerce, Crypto Council for Innovation, and Capital One, among others.
“Protecting consumers from sophisticated financial crime requires a united front across government, law enforcement, and the private sector,” Chris Sparks, head of card fraud, Capital One, said. “By passing the GUARD Act today, the U.S. House of Representatives has taken a decisive step toward filling critical gaps to help stop criminal scammers before they strike.”