Stronger Financial Protection for Seniors Against Exploitation and Fraud.
This law establishes new rules to shield older adults from financial fraud. It requires banks and credit card issuers to actively monitor senior accounts and quickly notify them of suspicious transactions. Furthermore, upon activation of a pre-approved credit card, fraud alerts will also be sent to a trusted individual designated by the senior, enhancing financial security.
Key points
Banks and credit unions must train staff to identify signs of financial exploitation targeting senior citizens, such as unusual withdrawals or expensive gift card purchases.
If suspicious activity is detected in a senior's account, the financial institution must notify the senior within 24 hours.
Credit card issuers must send fraud alerts for pre-approved cards not only to the senior but also to a designated trusted person (unless the senior signs a written waiver).
Status:
Expired
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