The CATFISH Act of 2026 addresses a severe fraud crisis targeting seniors, who lost an estimated $2.4 billion to scams in 2024—a fourfold increase since 2020, with actual losses potentially exceeding $81 billion when accounting for underreporting. The bill creates enhanced criminal penalties for romance fraud targeting people age 60 and older, adding up to 10 years in prison and $1 million in fines on top of underlying fraud penalties. The legislation also requires banks to implement detection and prevention measures, report suspicious activity to the Treasury Department, and conduct employee training on senior fraud schemes, with penalties up to $50,000 for non-compliance. Large retailers with 500 or more employees must intervene when seniors purchase high-value gift cards by providing fraud warnings and connecting customers to a national elder fraud hotline. These provisions work together to combat specific fraud schemes—including romance scams, investment fraud, and cryptocurrency-based schemes—that have proliferated against vulnerable older Americans.