The "Guarding Unprotected Aging Retirees from Deception Act" (GUARD Act) enables Federal grant funds usage for investigating elder financial fraud, pig butchering, and general financial fraud. It requires law enforcement agencies to report fund usage and impact, and mandates the creation of reports on the state of scams and enforcement actions against financial fraud. Additionally, the bill involves the assistance of Federal law enforcement agencies in using tracing tools for blockchain and related technology tools. The goal is to combat financial fraud against the elderly, sophisticated investment scams, and general financial fraud, and to enhance information sharing and resources for investigations and enforcement.
Guarding Unprotected Aging Retirees from Deception Act of 2026 or the GUARD Act of 2026
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 Financial Crimes Enforcement Network (FinCEN) to report on efforts to combat general financial fraud, elder financial fraud, pig butchering, and scams, including an evaluation of any legislative recommendations to improve the efforts. The bill also requires FinCEN to report on the state of general financial fraud, elder financial fraud, pig butchering, and scams in the United States, including trends in the crimes.