04.16.26

FINRA, AARP, CFP Board Call for Faster Account Freezes as Senior Fraud Losses Surge

by: Tracey Longo

Rising fraud targeting older Americans has prompted calls from the Financial Industry Regulatory Authority, AARP and the CFP Board for stronger protections, including faster account freezes and expanded advisor authority to intervene. Reported losses reached $15.9 billion in 2025 and may exceed $200 billion due to underreporting, driven by increasingly sophisticated scams using AI and emotional manipulation. At a recent Senate Special Committee on Aging hearing, experts emphasized that financial literacy alone is insufficient, urging a combination of education, regulatory tools and advisor involvement to detect and prevent fraud, as lawmakers consider new legislation to support victims and improve safeguards.

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