How a new Florida law is protecting older citizens from scams

A new law in Florida is designed to protect older citizens from the growing number of scams out there.

Banks will be allowed to delay completing certain transactions if there is a belief of potential fraud.Florida had the second-highest number of seniors -- anyone older than 60 -- scammed last year.Collectively, they lost close to $294 million. The new bill signed by Gov. Ron DeSantis on Tuesday will allow banks to delay distributing money if employees think seniors or vulnerable adults are getting financially exploited

The law requires banks to notify, in writing, anyone authorized to transact business on accounts and any “trusted contact” listed on the account.Check out our weekly newsletter compiled by Consumer Investigative Reporter Tiffany Salameh.The FBI says scams targeting people 60 years old and older caused more than $3.4 billion in losses in 2023 nationwide.If you believe that you or someone you know may have been a victim of a scam or fraud, you should call your local FBI field office.

Source: Law Daily Report (lawdailyreport.net)

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