A new California bill seeks to protect elderly individuals from financial scams by requiring banks to implement emergency contact programs and delay suspicious transactions. The legislation was inspired by the story of Alice Lynn, a widow who lost her life savings to a cryptocurrency scam after her bank failed to intervene.
Credit card companies are responsible for fraud loss, under federal law. But there's no penalty for big banks when venerable victims wire thousands of dollars to scammers. California lawmakers just passed a bill that could change that. Alice Lynn has been telling her story a lot lately. 'I thought about ending my life,' Lynn said while testifying before the Assembly. 'At my age, I do not have a second chance.
'I think I would be pretty upset if a teller working their way through college told me that I could not withdraw money out of my own,' said Jason Lane with the California Bankers Association during the senate hearing. So Dodd went back to the bargaining table, making major amendments to his bill, limiting banks' liability and delaying the bill's implementation until 2026.
Financial Abuse Elder Fraud California Lawmakers Bank Liability Cryptocurrency Scam
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