ALBANY – New York State Senate Deputy Leader Michael Gianaris announced on January 19 that the State Senate passed his legislation (S.177) to protect New Yorkers against financial fraud. Senator Gianaris’ bill requires money transmitters – like banks, wire services, and apps – to provide consumers with a warning before transferring money.
“Whether salacious crimes ripped from the headlines or frauds perpetrated on a daily basis against our seniors, financial scams are all too prevalent,” said Senate Deputy Leader Michael Gianaris. “New Yorkers deserve the strongest protections against these predators and my legislation would present a strong defense to keep consumers and their wallets safe. I am pleased the Senate is passing this bill.”
According to the Federal Trade Commission, more than 56,000 Americans reported losing over $547 million in romance scams in 2021. Senator Gianaris’ legislation will require financial institutions to provide a warning to customers of the danger of consumer fraud when transferring funds.