The Office of the Attorney General recently testified at a joint hearing of the Pennsylvania Senate Committees on Banking and Insurance and Aging and Youth, advocating for House Bill 2064. This bill aims to enhance protections for older Pennsylvanians who are often targets of cyber fraud by enabling banks and financial institutions to block suspicious wire transfers.
John Abel, Director of the Bureau of Consumer Protection and Chief Deputy Attorney General, along with Nicholas Smyth, Assistant Chief Deputy Attorney General, provided testimony highlighting the need for this legislation. They emphasized that while seniors are frequently targeted, all residents would benefit from the proposed measures.
Attorney General Henry commented on the importance of the bill: “We have come across far too many heartbreaking stories of older Pennsylvanians who were manipulated and defrauded out of their life savings, and, oftentimes, we are limited in our ability and authority to recoup the lost money. Our Office supports this bill and encourages banks and financial institutions to be proactive when our most vulnerable residents become the targets of fraudsters.”
The Office estimates that criminals stole between $260 million to $2.1 billion from Pennsylvanians over 60 in 2022. Comparitech reports that $1.63 billion was stolen from over 28,000 Pennsylvania seniors in the 2022-2023 financial year—a 26% increase in victims.
House Bill 2064 would require financial institutions to report suspected elder financial exploitation and place holds on transactions if they suspect such exploitation. The bill includes a liability provision making banks accountable for reimbursing customers for significant losses if certain conditions are met.
The testimony also included stories from four survivors of financial exploitation, two of whom attended the hearing: Bill Hoffman from Lebanon and Scott Zeiders from Harrisburg. Detective Jordan Smith from Lower Heidelberg Township Police Department was also present; his efforts in stopping a fraud against a Reading woman were highlighted.