Bill would let police use existing federal grants to investigate scams and fraud against older adults

State, local, and Tribal law enforcement agencies and grantees that receive certain federal grants may use that money to investigate elder financial fraud, pig butchering, and general financial fraud. Allowed uses include hiring and keeping analysts and experts, training on complex financial investigations, buying software and tools, improving data collection, running coordination exercises with financial institutions, and naming a financial sector liaison. The grants are four named federal programs, including the COPS Technology and Equipment Program. The bill does not add new grant money. It lets agencies use eligible grant funds they already receive.

An agency that uses the grant money this way must report to the federal agency that provided it, and each federal grant agency must send Congress an annual report. The agency's report covers the amount and purpose of the money used, fraud statistics with an analysis of the effect, and an assessment of its ability to deter fraud. The federal agency sends committees in the Senate and House the information it receives. The agency's report is due within 1 year after the funds are used.

The Secretary of the Treasury, acting through the Financial Crimes Enforcement Network (FinCEN), must send Congress a report on efforts to fight financial fraud, pig butchering, elder fraud, and scams, with legislative recommendations. A second report on the state of scams would cover trends in fraud reports, dollar amounts, methods, the role of digital assets, and results of the Rapid Response Program with law enforcement. The first report is due within 1 year of enactment. The scams report is due within 2 years, and every two years after that.

Federal law enforcement agencies may help state, local, and Tribal law enforcement agencies and fusion centers use tools that trace blockchain transactions. This covers tracing tools for blockchain and related technology.