U.S. Rep. Krysten Sinema (D-AZ), along with U.S. Reps. Bruce Poliquin (R-ME) , Patrick Murphy (D-FL) and John "Mick" Mulvaney (R-SC), recently introduced the Senior$afe Act, bipartisan legislation to prevent financial fraud among seniors.

The proposal, sponsored by Sinema, would provide individuals and financial institutions with help and the opportunity to communicate with the proper agencies in instances where they suspect seniors are being exploited financially.

It is estimated that financial fraud results in the loss of billions dollars each year for Americans and that senior citizens are the main target of these scams. The bank accounts of the victims take a huge hit due to these financial crimes, many of which go unreported. Many of these crimes devastate the savings accounts that seniors have worked their whole lives to build.

Sinema said the proposed legislation is a common-sense solution and can help stop seniors from being taken advantage of by the criminals behind these fraudulent scams.