This bill provides funding for local police to investigate financial crimes against the elderly, including scams that trick them into losing money. It also allows federal help in using technology to track down these crimes.
Guarding Unprotected Aging Retirees from Deception Act or the GUARD Act This bill allows state, local, and tribal law enforcement agencies and grantees that receive funds from certain law enforcement grant programs to use the funds to investigate general financial fraud, elder financial fraud, and pig butchering. Pig butchering refers to a confidence and investment fraud in which a victim is gradually lured into transferring increasing amounts of money, generally in the form of cryptocurrency, into a fake virtual investment. The bill allows federal law enforcement agencies to assist state, local, and tribal law enforcement agencies and fusion centers in the use of tracing tools for blockchain and related technology tools. Finally, the bill requires the Department of the Treasury and the Financial Crimes Enforcement Network (Fin CEN) to report on efforts and recommendations related to general financial fraud, elder financial fraud, pig butchering, and scams. The bill also requires Treasury and Fin CEN to report on the state of scams in the United States, including information about crimes committed, federal civil and criminal enforcement actions, and federal efforts to address the crimes.
