South Iowa News

Representative Zach Nunn has introduced the GUARD Act, a bipartisan initiative targeting financial fraud and scams against older Americans. The act is co-sponsored by Representatives Josh Gottheimer and Scott Fitzgerald. Nunn emphasized the prevalence of these scams, noting that the Iowa Attorney General's office received over 13,000 fraud reports in 2023, resulting in nearly $42.6 million in losses.

Nunn stated, "Scammers prey on Iowa retirees and steal their hard-earned money. In 2023 alone, the Iowa Attorney General’s office received more than 13,000 financial fraud reports resulting in approximately $42.6 million in financial losses."

The GUARD Act aims to support law enforcement investigations into scams, particularly "pig butchering." This fraud involves scammers convincing individuals, especially retirees, to invest in fake opportunities. Losses from these scams in 2022 exceeded $1 billion. Gottheimer highlighted the need for advanced tools to combat these scams, saying, "We need twenty-first-century tools to crack down on fraudsters who use every trick in the book."

Fitzgerald, co-sponsor of the bill, noted that evolving technologies aid these scams. "As technology continues to evolve, so do the tactics used by bad actors to defraud Americans," he said. The GUARD Act proposes the use of blockchain technology in fraud investigations. Fitzgerald remarked, "By harnessing innovative technologies like blockchain, we can better protect Wisconsin seniors and families from increasingly sophisticated scams."

The act would permit state and local law enforcement to use federal grants to investigate financial fraud and authorize federal assistance in using blockchain tracing tools. Bill Sweeney from AARP supported the bill, stating, "This bipartisan legislation would help to equip state and local law enforcement, who are on the front lines responding to fraud, with the resources they need."

The initiative is supported by several organizations, including AARP, the Iowa State Police Association, and the Financial Technology Association.

Representative Nunn's introduction of the GUARD Act highlights a concerted bipartisan effort to combat financial scams against retirees, with technological advancements like blockchain playing a crucial role.