ASA Submits Letter to Senate Aging on AI-Driven Senior Financial Fraud

WASHINGTON – The American Securities Association (ASA) today submitted a letter to the Senate Special Committee on Aging urging Congress to act swiftly to protect older Americans from the growing threat of AI-enhanced financial exploitation.

"ASA applauds Chairman Scott for his leadership to protect America's seniors from AI-driven fraud and looks forward to being a helpful partner as Congress considers additional legislation to address this growing threat," said ASA Chief Advocacy Officer Kelli McMorrow.

In the letter, ASA urged Congress to move on the Financial Exploitation Prevention Act (H.R. 2478). ASA also urged Congress to ensure any legislative response remains flexible enough to address new AI manipulation techniques as they emerge.

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The American Securities Association (ASA) represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.