“As anyone who’s received a phishing email or unsolicited call asking for a wire transfer to purchase discounted products or services knows, the risk of fraud is an everyday reality for New Yorkers. These scams cost New Yorkers millions and millions of their hard-earned dollars every year, and it’s important that we address this troubling and ever-increasing trend.

“That’s why I introduced legislation that would require money transmitters – a term that includes banks and money transfer companies – to provide a ‘clear, concise and conspicuous’ warning to consumers about fraud (A.5864-C). The bill would also require these businesses to provide a toll-free number to report fraud and find information on how to stop a wire transfer.

“This legislation moved one step closer to becoming law today, passing out of the Assembly Codes Committee. The bill can now be brought to the Assembly floor for a vote. I’ll continue working with my colleagues to bring this important bill over the finish line as well as to take further steps to strengthen New York’s fraud protection and prevention efforts.”