Bill creates compensation fund for fraud losses

Posted on 05/16/23 by Erin Neff

AARP Nevada supports Secretary of State Cisco Aguilar's bill to create a compensation fund for victims of securities fraud.

Fraud losses are vast, and solutions are needed. Reported losses from fraud are $6.1 billion, and under-reporting by victims means actual losses are far higher. A compensation fund will make a difference by providing some restitution to people who would otherwise have little hope of recovering their loss.

Sadly Nevada is one of the worst in the nation in fraud and identity theft reports, and AB67 would help provide some victim restitution.

The bill is being heard in the Assembly's Ways and Means Committee on Wednesday, May 17 at 4 p.m. You can watch testimony live on the Legislature's YouTube channel or website.

You can also register your support of the bill here.

And you can protect yourself from scammers with one of our shred events. The next one is happening May 19 and 20 in Boulder City. Register here.

Man victim of credit card fraud

This story is provided by AARP Nevada. Visit the AARP Nevada page for more news, events, and programs affecting retirement, health care, and more.

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