Iowa State Representative Zach Nunn has announced bipartisan legislation aimed at addressing financial scams targeting retirees, such as "pig butchering" scams. The Empowering Law Enforcement to Combat Financial Fraud Act will aid law enforcement in investigating these scams.
According to a press release by Nunn, the bipartisan Empowering Law Enforcement to Combat Financial Fraud Act, co-led by Representatives Josh Gottheimer and Scott Fitzgerald, seeks to bolster state and local law enforcement efforts to tackle these scams by providing federal grant funding and access to blockchain tracing tools. This follows notable successes, such as the freezing of $225 million linked to "pig butchering" scams and the arrest of 3,500 cybercriminals in a coordinated operation.
Bad actors are using technology to perpetrate scams, particularly targeting vulnerable elderly Americans, resulting in significant financial losses. In 2021, individuals over 70 suffered a median loss of $9,000 compared to $2,400 for all age groups. A common scam, "pig butchering," involves convincing retirees to invest in fake opportunities before stealing their funds.
"Scammers prey on Iowa retirees and steal their hard-earned money. Just last year, the Iowa Attorney General’s office received more than 13,000 financial fraud reports resulting in approximately $42.6 million in financial losses," said Nunn. "Iowa retirees shouldn’t have to worry about fraudsters. And if they are scammed, law enforcement should have the tools needed to bring their case to justice."
Nunn is serving his first term in Congress representing Iowa’s Third District and is focused on pragmatic solutions for Iowans. A sixth-generation Iowan and Air Force Reserve Colonel, his political career includes time in the Iowa House and Senate where he worked on tax cuts and economic growth. In Congress, he serves on the House Financial Services and Agriculture Committees advocating for Iowa's agriculture and insurance sectors.
