ELDER FINANCIAL FRAUD: Protecting seniors from scammers

Worried about a growing number of affinity scams that target senior citizens, Rep. Joe Baca, D-Calif., has proposed the PASS Act, which stands for Preventing Affinity Scams for Seniors Act of 2011. The bill, HR 370, was referred to the Subcommittee on Financial Institutions and Consumer Credit last month. It would require financial institutions to offer services — such as special protective bank accounts and employee training — to older customers and to report suspected affinity scams. Sen. Herb Kohl, D-Wis., also introduced two bills last month, S 462, S 464, that are aimed at providing resources, including training, to help protect seniors from financial and other fraud. For related story, click here.