CATFISH Act of 2026

The CATFISH Act of 2026 aims to protect Americans aged 60 and older from romance fraud by imposing stricter criminal penalties on perpetrators and mandating new safety measures for financial institutions and large retailers. The bill requires banks, credit unions, and digital asset providers to report specific suspicious activities involving senior customers to the Treasury Department, such as unusual withdrawals or signs of distress during transactions. Additionally, it obligates these institutions to train employees to detect fraud, establish internal controls like transaction monitoring, and provide seniors with resources for reporting scams. Retailers with 500 or more employees must also train staff to intervene when a senior customer attempts to purchase gift cards valued over $500 by providing warnings and assisting them in contacting the National Elder Fraud Hotline.