According to the FBI, financial scams targeting seniors in Georgia have increased in recent years
Washington, D.C. — U.S. Senator Jon Ossoff is working to protect Georgia seniors from financial scams.
This week, Sen. Ossoff launched an inquiry with the Consumer Financial Protection Bureau (CFPB) to better protect Georgia seniors from financial scams.
According to the Better Business Bureau, Georgia seniors lost more than $775,000 to financial scams in 2022 alone.
According to Forbes, Georgia ranked in the top five most financially scammed states in 2023, and according to the FBI, Georgia has seen a surge in reports of deceptive practices targeting those over 60 in recent years.
“I write today to express my concern regarding the escalating issue of financial scams targeting seniors, a vulnerable population that deserves urgent attention,” Sen. Ossoff wrote to CFPB Director Rohit Chopra. “The financial and emotional impact on Georgia seniors and their caregivers is severe, eroding the trust they place in our financial systems.”
In October 2023, an American Institute of Certified Public Accountants (AICPA) report found that 68% of elderly financial scam victims reported that the fraud had a substantial emotional impact on them.
While the CFPB offers resources to protect seniors from financial scams and fraud, Sen. Ossoff is requesting they review their effectiveness in light of the dramatic increases in recent years and determine how to better communicate those resources.
“In light of the concerning escalation of financial scams targeting seniors, it is imperative to review the accessibility and effectiveness of resources provided by the CFPB to prevent these scams,” Sen. Ossoff continued.
Sen. Ossoff continues working to protect Georgia seniors.
Last year, Sen. Ossoff launched a push to pass the Protecting Older Americans Act of 2023 to prevent employers from using forced arbitration against older workers seeking justice and accountability in cases of age discrimination.
Sen. Ossoff has also worked to ensure Georgia seniors on Medicare are not charged more than $35/month for insulin, as implemented by the Inflation Reduction Act.
In 2022, Sen. Ossoff also delivered resources to Senior Citizens, Inc. to expand their Meals on Wheels program for seniors across Coastal Georgia.
Click here to read Sen. Ossoff’s inquiry with CFPB.
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