California Bill Aims to Protect the Elderly From Financial Fraud

Published on June 24, 2024

A bill aimed at protecting the elderly from financial scams by establishing a program for banks to alert account holders of potentially fraudulent activity is currently making its way through the California Legislature. SB 278, introduced by Democrat Sen. Bill Dodd in 2023, could also delay financial transactions exceeding $5,000 for three days if the bank suspects fraudulent activity. “This legislation would strengthen elder and dependent adult financial abuse protections by clarifying the duties of banks and financial institutions to safeguard against fraud,” Mr. Dodd told The Epoch Times June 20. Elderly Americans lose more than $36 billion annually in financial fraud schemes, according to research provided by the U.S. Department of Justice’s official research agency, the National Institute of Justice....

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