State Lawmakers Still Have Time to Pass Legislation That Would Protect Older New Yorkers from Financial Scams

En español | ALBANY, N.Y. — AARP New York is urging the leaders of the New York State Legislature to step up for our aging population before the end of the 2025 legislative session and guide passage of legislation that would add another layer of security for older New Yorkers targeted for financial fraud, a growing scourge that annually robs thousands of elder residents of their hard-earned savings.

 In a letter sent May 22 to Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie, AARP New York State Director Beth Finkel stressed the life-altering damage that can result from elder financial fraud and urged them to support S.6379 (Cleare)/A.7019 (Seawright).

 “Scams and fraud are devastating to the financial security of New Yorkers and particularly older adults,” Finkel wrote. “Victims can lose their retirement savings with limited means to recoup that money or return to work to rebuild their assets. By giving banks and financial institutions a legal safe harbor to intervene before the transaction is completed, these financial losses can be prevented.”

Last month, the FBI released a report that found scams targeting New Yorkers age 60 and older resulted in over $257 million in financial losses by more than 6,200 victims in 2024, or nearly $30,000 per hour, up from $203 million stolen from 4,300 victims -- $23,000 per hour -- in 2023. And that’s only for the crimes that are reported, as all too often fraud cases don’t get investigated by authorities.

The Senate and Assembly have a great opportunity before the session’s scheduled end in mid-June to help implement an elder financial fraud preventative measure that has proven to be effective in other states. Twenty-four other states already have such a policy in place, including Connecticut, where the banking industry worked with AARP to get the measure approved.

Governor Hochul’s state budget proposal included language that would potentially shield older New Yorkers from being victimized by scammers by training bank tellers and employees of financial institutions to identify signs of financial exploitation, allowing them to place a hold on a suspicious transaction and referring the matter to law enforcement for investigation. The Senate and Assembly failed to include the language in the final state budget lawmakers passed earlier this month.

“The FBI’s eye-popping figures show how insidious elder financial fraud has become in New York State,” Finkel said “The Governor has led the way in proposing new safeguards for older New Yorkers targeted by scammers. There’s plenty of time remaining in the legislative session for our lawmakers to get on board with her and step up for older New Yorkers by passing legislation to combat elder financial fraud.”

Connect with AARP New York on X: @AARPNY, Facebook: AARP New York and LinkedIn: AARP New York

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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