AARP Advocating for State Fraud Restitution Fund

AARP is committed to combating fraud by educating people about current trends, advocating for improved consumer protections, and enforcing laws.

AARP Minnesota is pushing for the passage of legislation to create a restitution fund for victims of fraud, modeled after the federal Consumer Financial Protection Bureau Civil Penalty Fund. This initiative aims to provide financial relief to those who have fallen prey to scams, particularly older adults. Urging state lawmakers to establish such a fund is a top AARP legislative priority in 2025.

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According to the FBI, scams targeting Americans aged 60 and older resulted in over $3.4 billion in losses in 2023, with the average victim losing $33,915. In the first three quarters of 2024, the Federal Trade Commission received more than 22,000 fraud reports in Minnesota, with losses totaling near $103 million. Currently, excess money from civil penalty payments in fraud cases won by the state attorney general’s office goes into the state’s general fund. The proposed restitution fund would redirect these funds to help fraud victims recover their losses.

AARP Minnesota is advocating for a bill in the current legislative session to establish a state-level restitution fund for fraud victims. This fund would be managed by the state attorney general’s office and is seen as crucial for cases where the perpetrator is overseas or bankrupt.

A restitution fund would be particularly beneficial for older adults who are no longer working and need financial recovery. Money for a restitution fund would come from civil penalty payments in consumer fraud enforcement cases. Currently, excess money from those cases goes into the state’s general fund.

This proposed legislation represents a significant step towards providing much-needed financial relief to fraud victims in Minnesota.

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If you can spot a scam, you can stop a scam.

The AARP Fraud Watch Network™ provides free information, tools and tips to help you protect your hard-earned dollars from frauds and scams. AARP Minnesota advocates at the state, federal, and local levels to improve consumer protections and enforce laws. If you've been targeted by scams or fraud, you are not alone.

Stay Informed

Knowledge gives you power over scams. The AARP Fraud Watch Network^TM equips you with reliable, up-to-date insights, alerts and fraud prevention resources to help you spot and avoid scams and protect your loved ones. We even cover the latest scams in the news.

Find Support

If you've been targeted by scams or fraud, you are not alone. Our trained fraud specialists provide support and guidance on what to do next and how to avoid scams in the future. The AARP fraud helpline, 877-908-3360, is free and available to anyone. We also offer online support sessions for further emotional support.

Have a Voice

AARP fights for consumers by advocating for laws and regulations to stop scams and shut down fraud attempts. We also provide a voice to consumer concerns and help shape the public discussion on fraud.

Text FWN to 50757 to get regular updates on the latest scams by signing up for biweekly Fraud Alerts.

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