Assemblyman Stirpe Passes Legislation to Combat Fraudulent Money Transfers
Assemblyman Al Stirpe (D-Cicero) announced his bill requiring banks and wire transfer companies to warn consumers about potential fraud has passed in the Assembly (A.5864-C).
“Fraudulent money transfer schemes can happen to anyone but are most frequently targeted toward vulnerable populations who can least afford it,” Stirpe said. “Elderly residents are particularly susceptible to consumer fraud, which can rob them of hundreds of thousands of dollars in the worst cases. My legislation ensures New Yorkers know their rights when sending money and bolsters training for workers in the money transfer industry. I’ll continue fighting to protect vulnerable Central New Yorkers from unscrupulous scam artists.”
Stirpe’s bill outlines a multi-pronged approach to crack down on money transfer fraud. In addition to consumer education, the legislation would require money transmitters to establish a toll-free hotline for consumers to report suspected fraud and provide easily accessible information on how to stop such transfers. Money transmitters would also be required to provide annual consumer fraud training for agents and monitor staff activity related to fraudulent transfers.
Scammers pressure victims to wire money because it’s the easiest way to take someone’s money and then vanish. The simplest solution to avoid becoming a victim is never to send money to a stranger, no matter the reason provided.[1]
If anyone suspects they’ve been scammed, the Federal Trade Commission (FTC) recommends immediately contacting the company used to transfer funds. When contacting a wire transfer company or bank, ask them to reverse the transaction and return the money. Anyone who believes a scammer has contacted them should report the incident to the FTC at ReportFraud.ftc.gov.