Certified Financial Planner Board of Standards Inc.
07/29/2026 | Press release | Distributed by Public on 07/29/2026 14:03
CFP Board: Protecting Older Americans from the New Face of Fraud
CFP Board thanks the Senate Special Committee on Aging for holding its July 29, 2026 hearing on "The AI Deception Machine: Deepfakes, Chatbots, and the New Frontier of Senior Fraud. " Our June 2026 research report, Don't Fall For It: Guarding Against Financial Fraud, documents a widening gap between fraud awareness and fraud preparedness. As Scott Kahan, CFP® testified before this Committee in April, older Americans are disproportionately targeted by fraud and relationship scams.
That is why we submitted a letter for the record explaining that financial education and access to competent, ethical financial planning are crucial. CFP® professionals often serve as a client's first or only meaningful financial educator, providing guidance that extends beyond individual transactions. In this role, CFP® professionals can serve as a first line of defense against fraud - like financial first responders.
In the letter, we also urge the Committee to take the following actions:
- Support the Financial Exploitation Prevention Act (S. 2840) and the Tax Relief for Victims of Crimes, Scams, and Disasters Act (S. 1773)
- Close the remaining gaps in delayed disbursement authority and trusted contact designation
- Modernize federal consumer education to reflect how fraud works now
- Increase access to competent and ethical financial planning
Certified Financial Planner Board of Standards Inc. published this content on July 29, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 29, 2026 at 20:03 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]