11/11/2024

Elder Fraud Prevention Advocate Janine Williamson Issues Statement on S. 4943 and H.R. 9303 "Protecting Consumers from Payment Scams Act"

Morning Star

WASHINGTON , Nov. 11, 2024 /PRNewswire/ -- This Veteran's Day, elder fraud prevention advocate Janine Williamson is urging Congress to take action on S. 4943 and H.R. 9303, the Protecting Consumers from Payment Scams Act.

"The American banking system is failing to protect its consumers from fraud. Last year, one in three consumers experienced bank fraud, allowing $10 billion to go to cyber criminals," Williamson said. "Criminals are winning. The Protecting Consumers from Payment Scams Act would remove the blame from victims and hold financial institutions accountable for failing to recognize and prevent fraud. This is a great start."

Introduced in the Senate by Sen. Richard Blumenthal, D-Conn., and Sen. Elizabeth Warren, D-Mass., and in the House by Financial Services Committee Ranking Member Maxine Waters, D-Calif., the Protecting Consumers from Payment Scams Act would greatly expand requirements for financial institutions to reimburse victims of frauds and scams.

Williamson has long been active defending the interests of seniors. She testified before the Virginia Senate Commerce and Labor Committee earlier this year in support of HB 692, which was signed into law in April and took effect in July. The measure lays the groundwork for financial institutions to train their employees in how to identify potential financial exploitation of senior citizens and report suspected financial exploitation of a senior to the authorities.