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Home News

Pennsylvania Empower Banks to Combat Fraud

September 27, 2024
Reading Time: 2 mins read
in News
Pennsylvania Empower Banks to Combat Fraud

As cyber fraud continues to pose a significant threat to senior citizens, Pennsylvania is leading the charge with new legislation aimed at empowering banks to combat suspicious transactions more effectively. House Bill 2064, which has already passed the Pennsylvania House with strong bipartisan support, is currently under consideration in the Senate. This bill would equip financial institutions with essential tools to identify and block fraudulent transactions, thereby protecting vulnerable seniors from losing their life savings to cybercriminals. Nicholas Smyth, assistant chief deputy attorney general at the Bureau of Consumer Protection, emphasized the urgency of this measure, noting that “gangs are stealing billions of dollars from Pennsylvanians each year.”

Other states, including Florida, California, Connecticut, Maine, and Delaware, are also taking steps to enhance protections against elder fraud. Florida has already enacted several laws, set to take effect in January, allowing financial institutions to delay transactions when they suspect fraud is occurring. This wave of state-level initiatives comes in response to a lack of federal action from the Consumer Financial Protection Bureau (CFPB), which has been slow to implement new requirements to address the rise of online scams and fraud management.

The state legislation varies in scope and liability for banks. In Pennsylvania, banks would be required to report suspected elder financial exploitation, and failure to halt fraudulent transactions could result in liability for reimbursement. Maine’s proposed law mandates that financial institutions delay or refuse to process potentially fraudulent transactions, also placing liability on the banks if they do not act. In contrast, California has introduced legislation that requires banks to implement monitoring programs but limits their liability unless they demonstrate “reckless disregard” for the law.

While these state initiatives are encouraging, they also present challenges for financial institutions operating across multiple states. The differing requirements may complicate compliance and enforcement, especially for banks serving customers in various jurisdictions. As the CFPB remains stagnant amid a pre-election environment in Washington, state lawmakers are stepping in to fill the void, offering banks the tools they need to better protect seniors from the ever-growing threat of fraud. Ultimately, these efforts reflect a commitment to safeguarding the financial well-being of the elderly, who have increasingly become targets for cybercriminals.

Reference:
  • Pennsylvania Legislation Empowers Banks to Combat Rising Elder Fraud in 2024
Tags: BankCaliforniaConnecticutCyber FraudCyber NewsCyber News 2024Cyber threatsDelawareFinancialFloridaHouse Bill 2064MainePennsylvaniaSeptember 2024
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