As Pennsylvania's elderly population grows, so does the threat of financial exploitation. With nearly 2 million residents over 65 and the fastest-growing group being those 85 and older, Pennsylvania has the third-highest percentage of seniors in the nation. With seniors increasingly in the crosshairs, lawmakers must act fast to crush the surge in financial fraud targeting older adults.
The good news? Pennsylvania's stepping up, laying down bold new laws aimed at protecting seniors from fraud, abuse, and exploitation. Here's a peek at the big moves lawmakers are making.
The LLF Law Firm Family Law Team can help seniors and their loved ones fight back. Call us at 888.535.3686or fill out our confidential consultation form to get started.
PA's Legislative Power Play: Fighting Elder Fraud
Pennsylvania lawmakers are proposing significant changes to protect seniors. These new protections are a lifeline in a state where financial scams are getting slicker and harder to spot.
Here's the plan:
- Making Financial Institutions Mandatory Reporters: Pennsylvania is pushing a game-changing bill that would force financial institutions to act as mandatory reporters of suspected financial exploitation. Banks and other institutions would have to flag and report any sketchy transactions involving seniors, helping catch fraud before it blows up.
- Empowering Banks to Freeze Transactions: The proposed law also empowers financial institutions to freeze a transaction if they suspect elder financial exploitation.
- Holding Banks Accountable: The bill proposes holding banks accountable for significant losses due to fraud if they had reasonable cause to suspect the transaction and did not place a hold. However, there is a notice requirement. Within 180 days of the last wire transfer, the financial institution must be notified in writing—under penalty of perjury—that the transfer was the result of financial exploitation.
With stricter rules, the message is clear: seniors must be protected.
Why Pennsylvania Must Act Now
The state is home to nearly 2 million residents over 65, and that number's only growing. As Pennsylvania's population ages, scammers are getting bolder, and seniors are more vulnerable than ever. Pennsylvania can't afford to ignore this— with the 85+ age group growing, the need for strong protections has never been more urgent.
To their credit, Pennsylvania's lawmakers are stepping up.
The LLF Law Firm Team Protects Seniors and Their Families
While these new laws are a solid start, navigating the legal maze to protect an elderly loved one can still feel like a battle. If the alleged financial abuser is a family member, it becomes even tougher.
At the LLF Law Firm, we specialize in helping seniors and their families. Our seasoned attorneys fight tooth and nail to ensure older adults not only get the legal protection they deserve but also access the resources to take back control of their finances, be it through a guardianship/conservator, a power of attorney, a will, or a trust.
If you or a loved one is caught in the grip of financial exploitation, the LLF Law Firm Family Law Team is here to fight. Call us at 888.535.3686or fill out our consultation form to get started. We'll help you to navigate the mess of elder abuse and keep your loved ones safe.
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