Senate and Assembly Budgets Stand Up for Family Caregivers But Leave Older NYers Vulnerable to Scams

ALBANY, N.Y. – AARP New York State Director Beth Finkel issued the following statement today on the state Senate and Assembly each agreeing to Governor Hochul’s proposed appropriation of $53 million to address the unmet need for home- and community-based services yet failing to include critical protections in their state budget proposals that would protect older New Yorkers from being victimized by scammers who target bank accounts and other financial resources:

“AARP New York is pleased that the Senate and Assembly, like Governor Hochul, recognize the pressing need to significantly increase funding for home- and community-based services that allow our aging loved ones to remain living in their own homes in a safe and dignified manner. The additional funding for aging services will go a long way toward eliminating long waiting lists for various services that older New Yorkers and their family caregivers so desperately need.

“However, we’re disappointed to see the Assembly and the Senate failed to address a growing crisis in elder fraud, which can be a costly omission for older New Yorkers. The FBI says New Yorkers age 60 and older lost $203,437,635 to scams in 2023. That’s $557,000 a day – $23,200 an hour – stolen from older adults who have spent their lifetimes building their nest egg, only to see it disappear in an instant because of a scam.

“One of the most effective ways to stop these astronomical financial losses is by training and empowering bank tellers to temporarily hold a suspicious transaction before the money goes out the door – and is gone forever. Governor Hochul has included such an initiative in her executive state budget. As the population of older New Yorkers booms and more older adults are living in poverty, these measures to protect their assets are more important than ever.

“AARP New York urges the legislature to join the Governor in standing up to scammers and include protections against elder financial exploitation in the final state budget. Older New Yorkers deserve stronger safeguards against scams, and lawmakers must act now”

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About AARP
AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering Americans 50 and older to choose how they live as they age. With a nationwide presence, AARP strengthens communities and advocates for what matters most to the more than 100 million Americans 50-plus and their families: health security, financial stability and personal fulfillment. AARP also works for individuals in the marketplace by sparking new solutions and allowing carefully chosen, high-quality products and services to carry the AARP name. As a trusted source for news and information, AARP produces the nation's largest circulation publications, AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org/about-aarp/, www.aarp.org/español or follow @AARP, @AARPenEspañol and @AARPadvocates on social media.

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