On Thursday, July 31, 2025, the Guarding Unprotected Aging Retirees from Deception (GUARD) Act to protect seniors from financial fraud and scams was introduced by U.S. Senators Kirsten Gillibrand and Katie Britt.
According to the announcement, this act would allow grantees of several existing federal grant programs to use funds to increase resources and personnel, specifically to utilize the blockchain for investigating financial fraud.
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In addition, Senators Gillibrand and Britt note that this would also permit federal law enforcement to assist state and local law enforcement with tracing tools for blockchain technology, bolstering their ability to catch fraudsters who use cryptocurrency to facilitate their crimes.
Every day, scammers target our seniors, often robbing them of their hard-earned savings and stealing their personal information. As the top-ranking Democrat on the Senate Aging Committee, I’ve seen firsthand the devastating impact these scams have on older Americans and their families. Far too often, local law enforcement agencies lack the resources they need to track down these criminals and hold them accountable. Our GUARD Act would enhance law enforcement capabilities and foster much-needed cooperation between federal and local agencies to combat fraud and bring scammers to justice. I look forward to working with Senator Britt to get this critical legislation across the finish line. – New York State Senator Kirsten Gillibrand
During 2024, Seniors lost over $4.8 billion to scammers. The average loss comes to $83,000, according to the FBI. Schemes where scammers gain victims’ trust, entice them to invest in fake cryptocurrency projects, and then stealtheir contributions have been a big problem involving older adults.
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