Elder Fraud in South Dakota

Georgia's new House Bill 945, effective July 1, 2026, allows banks and credit unions to pause suspicious transactions they suspect are fraudulent, protecting adults 65 and older as well as those with physical or mental incapacities, dementia, or Alzheimer's disease. Common bank scams involve callers claiming your account is under attack and pressuring you to transfer money to a "safe account" that actually belongs to scammers, potentially turning years of savings into irreversible losses. The law's effectiveness depends on your state, financial institution, and account type, so consumers should stay alert to scam calls, verify requests directly with their bank using official numbers, and consider registering for fraud prevention resources.

Credit unions and legislators are partnering to educate seniors about common scams, including romance schemes and AI-powered voice-cloning fraud. Representatives in Nevada, New York, and South Dakota are meeting with credit union leaders to discuss financial services priorities and consumer protection issues. Seniors should be cautious of romantic advances from unknown individuals online and be skeptical of unexpected calls claiming to be from trusted contacts, as scammers increasingly use artificial intelligence to impersonate voices.

# Summary The Trump administration claims the SNAP food assistance program has a 10.6% payment error rate costing over $10 billion annually, characterizing it as fraud and waste. However, anti-hunger advocates argue this conflates unintentional payment errors—often resulting from complex eligibility rules, job changes, or paperwork issues—with actual fraud, which involves deliberate deception like benefit trafficking; actual SNAP fraud costs approximately $1 billion per year according to the Government Accountability Office.

Cryptocurrency ATM scams have exploded dramatically, with the FTC reporting a 1,000% increase in losses between 2020 and 2023 and $388 million lost in 2025 alone, primarily targeting older adults over 60 who are tricked by scammers impersonating officials into depositing cash. To combat this trend, some states have banned crypto ATMs or imposed transaction limits, and Senator Durbin introduced federal legislation requiring operator registration, customer verification, and fraud warnings. Consumers should never deposit cash into crypto ATMs when requested by someone claiming it's for "safekeeping" or service payments, as these requests are always scams.

Financial scams targeting older Americans are increasing at an alarming rate, with Arizona reporting the highest number of fraud cases among residents age 60 and older at seven reports per 1,000 people, followed by Delaware and Colorado. Business imposter scams are the most common fraud type nationwide, though government imposter scams are more prevalent in six states including Alaska and Iowa. Experts warn that as digital banking and online payments become more common, older Americans should be vigilant about verifying the identity of anyone requesting financial information and consider reporting suspicious activity to the Federal Trade Commission.

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