Protecting Elders from Wire Fraud Act

Prevention of Fraud: Financial institutions must place a hold on suspected transactions for up to 30 business days to determine if the transaction is legitimate, which can stop fraud from occurring (Section 2(c)(3)(A)).

Faster Reporting: Covered individuals are required to report suspected exploitation to a covered agency within 5 days, ensuring authorities are notified quickly (Section 2(c)(1)).

Family and Support Notification: Financial institutions must notify a trusted contact or a reasonably associated third party about the hold and the reason for it, allowing others to help the senior (Section 2(c)(3)(C)).

Increased Agency Support: Covered financial institutions must provide requested records to covered agencies within 2 business days to help investigations (Section 2(c)(4)).

Delayed Access to Funds: Senior citizens may have their legitimate transactions delayed or held for 30 business days, and potentially for two additional 30-day periods, which could restrict access to their own money (Section 2(c)(3)(A) and (D)).

Privacy Concerns: The bill allows covered individuals to share information about suspected exploitation with people they determine are reasonably associated with the senior citizen (Section 2(d)(1)).

Reduced Legal Recourse: Financial institutions are granted a safe harbor, meaning they cannot be held liable for delaying transactions or disclosing information if they act in good faith and follow the section (Section 2(e)).