South Iowa News

U.S. Representative Zach Nunn from Iowa has introduced bipartisan legislation aimed at combating scams that specifically target retirees. The Empowering States to Protect Seniors Against Bad Actors Act, co-led by U.S. Representative Josh Gottheimer from New Jersey, focuses on addressing fraud on social media platforms that often prey on older Americans.

"Ensuring Iowan’s life savings are protected isn’t a partisan matter - it’s a matter of right or wrong," stated Rep. Nunn. "We’re fighting back against con artists preying on retirees. No one should have to worry about financial fraud during their golden years."

Rep. Gottheimer also emphasized the urgency of tackling this issue, saying, "I’m sounding the alarm about one of the biggest issues facing older Americans: senior scams and announcing new action against social media companies and others to help crack down on this runaway abuse of Jersey seniors."

The FBI's 2023 Elder Fraud Report revealed alarming statistics, with retirees falling victim to scams that resulted in over $3.4 billion in losses. More than 100,000 retirees reported being scammed, with an average loss of $33,915. Additionally, about 6,000 retirees lost more than $100,000, and over 500 retirees in Iowa reported scams to the FBI.

Social media platforms have become breeding grounds for financial exploitation and fraud. According to the Federal Trade Commission, Americans lost $2.7 billion to social media scams between 2021 and 2023, surpassing losses from website and email scams. The FTC estimates that a quarter of all successful scams originate on social media platforms.

The proposed Empowering States to Protect Seniors Against Bad Actors Act aims to address these challenges by establishing a grant program at the U.S. Securities and Exchange Commission (SEC) to support state efforts in combating scams. These grants would fund initiatives such as hiring enforcement officers, investing in technology, creating educational resources, and developing strategies to prevent financial exploitation targeting retirees.

In conclusion, the bipartisan legislation introduced by Reps. Nunn and Gottheimer seeks to provide critical support in the fight against scams that threaten the financial security of retirees, highlighting the importance of safeguarding older Americans from fraudulent schemes.