Canty Supports Bill Creating Further Fraud Protection for Seniors

ARLINGTON HEIGHTS, Ill. — State Rep. Mary Beth Canty, D-Arlington Heights, is supporting legislation to provide extra support to seniors and other eligible adults who may be vulnerable to fraud or other financial misuses. Financial institutions and their employees will be able to pause suspicious transactions, preventing any fraudulent transactions from being completed.

“New protections to prevent fraud perpetrated against vulnerable communities is an essential piece of a comprehensive approach to public safety,” Canty said. “Predatory financial offenders are targeting people who are often on fixed incomes, which creates enormous harm and instability. This crime is as reprehensible as it is preventable, and this legislation addresses it.”

House Bill 4767 names investment advisers and other financial institution employees as mandated reporters of potential fraud or exploitation. This will allow a financial institution and its employees to hold transactions that seem suspicious, and conduct an internal review of the transaction according to each institution’s review policies.

House Bill 4767 has the support of Age Options, Age Smart Community Resources and the Illinois AARP.

“By creating a new level of safeguards within financial institutions, we can stop fraud before any harm is done while making it easier for law enforcement to identify and trace would-be perpetrators,” Canty said. “Cracking down on these crimes requires a two-pronged approach, with both reactive measures, such as jailtime, and proactive measures, such as a safety net preventing transactions before they go through.”