Sen. Gillibrand Proposes Legislation To Protect Seniors From Financial Scams
NEW YORK (CBSNewYork) -- Senior fraud was at the forefront in Chelsea Sunday where US Senator Kirsten Gillibrand held a roundtable to alert seniors of potential scams.
Whether it's a call that you owe the IRS money and the FBI is on the way to collect, or a loved one is in a crisis situation and is in need of money, more than 25 million seniors are scammed out of billions of dollars every year.
It happened to Gillibrand's aunt, so she's introduced the Senior Financial Empowerment Act, which she says would help in recognizing a scam and reporting it.
"They're taking advantage of the most vulnerable among us," she said Sunday.
The legislation would also establish a national hotline that would provide resources to help seniors before they fall victim.
Unfortunately, Gillibrand says, more often than not seniors are too embarrassed to report when they've been duped.