News release
Reps. George Whitesides, D-Agua Dulce, Maria Salazar, R-Florida, and Don Davis, D-North Carolina, have introduced the bipartisan Protecting Elders from Wire Fraud Act, legislation that would require financial institutions place holds on suspicious wire transactions leaving a senior’s account where financial exploitation is suspected.
“As scams become more sophisticated and convincing, Congress has a responsibility to act to better protect Americans from financial exploitation,” said a news release from Whitesides’ office. According to the FTC, $334 million was reported lost to fraudulent wire transfers in 2025 alone. As scams are typically underreported, the true total amount of money lost is likely much higher, the release said.
“We have a duty to protect our nation’s seniors from the epidemic of scams that threaten their financial security,” Whitesides said in the release. “The Protecting Elders from Wire Fraud Act does just that, by allowing banks to hold suspicious wire transactions to determine their legitimacy.”
According to the release, the Protecting Elders from Wire Fraud Act would:
• Require covered financial institutions to place holds up to 90 days on transactions leaving a senior’s account where financial exploitation is suspected to allow for the legitimacy of the transaction to be determined.
• Direct financial institutions to reach out to trusted contacts associated with the senior’s account when a hold is placed.
• Provide safe harbor for financial institutions acting in good faith.
This legislation is endorsed by AARP and the National Elder Fraud Coordination Center.
