SWIPES Act

The "Saving Wallets and Increasing Penalties for Elder Scams Act," or SWIPES Act , aims to strengthen federal law against various forms of fraud, particularly those involving access devices and gift cards, and to protect elderly victims. It significantly increases the maximum prison sentences for existing access device fraud offenses, with some penalties rising from 10 to 20 years, 15 to 25 years, and 20 to 30 years. The bill expands the scope of prohibited activities under federal law by broadening the definition of an "access device" to include a wide array of digital credentials such as gift cards, passwords, cryptographic keys, digital asset private keys, and one-time passwords . It also introduces new, higher penalty tiers for offenses involving over 500 or 1,000 counterfeit or unauthorized access devices. Furthermore, the legislation explicitly defines "gift card" and includes it within the definition of "monetary instruments" for money laundering statutes. A key provision of the SWIPES Act creates a new offense specifically targeting fraud against seniors. Individuals who knowingly commit certain felony fraud violations against a person over the age of 60 will face an additional, mandatory consecutive two-year term of imprisonment, ensuring enhanced accountability for those who exploit vulnerable populations.