Chayet & Danzo, LLC Chayet & Danzo, LLC
Call for a Free Initial Consultation
Direct 303-355-8500
Toll-Free 1-866-873-6596
Email Us
Compassion, talent and dedication: guiding colorado families and Their Trusted Advisors During Times of Need

Federal legislation seeks to crack down on senior fraud

Cracking down on fraudulent schemes that target older Americans is the goal of bipartisan legislation recently introduced by U.S. Senators Amy Klobuchar and Susan Collins. The Senior Fraud Prevention Act would help educate seniors and improve monitoring.

This post is the first in our series to discuss the national epidemic of elder financial abuse. Because only one in 44 incidents is ever reported, the extent of the problem is like an iceberg with many of the cases remaining below the surface. Victims are often too embarrassed to discuss or report what has happened.

Targets of the legislation

Type of schemes vary from fraudulent investment plans, Microsoft technical support scams, predatory home lenders, high-pressure sales tactics that sell seniors products they don’t need and telemarketing and mail fraud. As soon as a public service announcement warning goes out a scam will evolve. 

The maxim that “if something appears too good to be true, it is” does no service to anyone. Scam artists are masters at making things look legitimate or they wouldn’t be successful. With the tax scams, caller ID often lists IRS, the amount is designed to sound reasonable ($1,238.16) and threats that police will soon come to the door are designed to prey on fears.

Strengthening a complaint system

An important piece of the legislation is improving the complaint process. A new system would more quickly to alert appropriate law enforcement agencies. The Federal Trade Commission would be tasked with handling the consumer complaints and coordinate with other agencies.

The bill includes funding for development of informational materials to get out the word and how to get help. The bill passed out of the Senate Commerce Committee without opposition.

No Comments

Leave a comment
Comment Information

Watch Our Firm Video

We are the premier Elder Law firm in the Colorado region. We set ourselves apart from other law firms in the area with our talent, dedication, compassion and ability of our attorneys to handle any case in Elder Law. We serve Colorado families with experience and dignity in your time of need.

View More Videos

Denver Office
650 S.Cherry St., Suite 710
Denver, CO 80246

Toll Free: 1-888-472-1088
Phone: 303-872-5980
Fax: 303-355-8501
Denver Law Office Map

Edwards Office
105 Edwards Village Blvd.
Edwards, CO 81632

Toll Free: 888-472-1088
Toll Free: 1-888-472-1088
Fax: 303-355-8501
Edwards Law Office Map

Aspen Office
600 East Hopkins Avenue
Suite 301
Aspen, CO 81611

Toll Free: 888-472-1088
Toll Free: 1-888-472-1088
Fax: 303-355-8501
Aspen Law Office Map

  • Rated by Super Lawyers Macro Chayet
  • Rated by Super Lawyers Frank J. Danzo, III
  • Member National Academy of Elder Law Attorneys, Inc. TM
  • Avvo Rating 10.0 Superb Top Attorney Elder Law
  • 2015 Five Star Professional Wealth Manager Multi-Year Winner
  • Our new 2015 Medicaid Book: how to protect your Family's Assets from devastating nursing home costs
  • Proud Sponsor 2015-Denver Colorado Senior Law Day
  • Peer Review Rated For Ethical standards & Legal Ability TM Martindale Hubbell
  • Haystack