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DENVER, CO - The House Finance Committee today passed a bill that would help prevent older and vulnerable Coloradans from being scammed out of their hard-earned money. The Adults’ Security and Safeguards from Exploitations in Transactions Act passed by a vote of 8-3.
“Rapidly changing technology has increased elder fraud by 46-percent, which has had devastating consequences on older Coloradans who have spent their whole lives building up their savings,” said Rep. Sean Camacho, D-Denver. “Banks, credit unions and other financial institutions are well-positioned to notice when a withdrawal or transfer looks suspicious, allowing them to step in when they think their client is being scammed. Our bill fights back against financial exploitation, protecting Coloradans from being scammed out of their hard-earned money.”
“Scams are more sophisticated than they have ever been before. Scammers specifically target seniors, who often live on a fixed income, costing them nearly $75 million in 2024 alone,” said Rep. Jamie Jackson, D-Aurora. “We believe that taking the extra time to examine suspicious banking activity could be the difference that protects Coloradans' money. This bill would not only protect vulnerable Coloradans from fraud, but it would also help prevent fraud by improving education around scams.”
HB26-1110, the Adults’ Security and Safeguards from Exploitations in Transactions Act (ASSET Act), would help prevent older Coloradans and other vulnerable people from being defrauded by scammers. Under the bill, bank and credit union professionals would notify authorities and could pause transactions for additional review if they have reason to believe that their client is the victim of financial exploitation. The bill would also offer legal protection for these professionals if their action, or failure to act, was in good faith.
In 2024, Coloradans aged 60 years old and older reported losing over $74 million to scams. They were also the age group that experienced the most scams. With 3,125 Coloradans experiencing fraud, the average amount lost per scam was almost $24,000 per person.
In 2025, Colorado Democrats passed a law, also sponsored by Rep. Jackson, that protects Coloradans from scams involving cryptocurrency kiosks, which target the elderly and other vulnerable populations. The law established a transaction limit of $2,000 per day for new customers and $10,500 for existing customers to help limit the amount of money that scammers can steal.