Financial fraud targeting seniors is rising in Pennsylvania, with estimates of the total losses reaching $1.6 billion in just one year. To combat this, PA lawmakers are advancing legislation that gives banks more powers and responsibilities to stop fraud before it happens. While this change may help some seniors keep their money out of the hands of fraudsters, it would also place many Pennsylvanians at risk of elder fraud accusations as banks increase scrutiny of transactions.

If you are involved in an older family member's finances and are on the receiving end of accusations of elder financial fraud, the LLF Law Firm can help. Our Criminal Defense Team is closely monitoring Pennsylvania's changing laws and is ready to help clear your name of wrongdoing. Call today at 888.535.3686 or contact us through our website to get started.

Proposed Changes of New Pennsylvania Bill

Pennsylvania's new House Bill 2064 proposes many significant changes to how banks operate, such as mandatory reporting of suspected financial exploitation and empowering banks to freeze transactions they deem suspicious. The bill's liability provision is where the greatest risks to banks—and consumers—are found. While these protections incentivize financial institutions to stop fraud by making them accountable for reimbursing customers, they also introduce stringent conditions. Banks may be liable if all the following criteria are met:

• A designated representative at the bank knew or believed that an older adult was subject to past or current financial exploitation.
• The representative failed to place a hold on a suspicious transaction involving this older adult.
• Within 2 months of this failure, over $10,000 is stolen from an older adult's account.
• Within 6 months, the bank is made aware that the transfers result from financial exploitation.

At first, these strong protections seem promising. Most people would love it if their parents or older family members could quickly receive reimbursement after falling victim to elder abuse or exploitation. However, banks' increased efforts to identify exploitation can lead to overzealous, incorrect reports and false accusations of elder fraud. Banks don't want to be liable, so implementing these reforms may lead to increased scrutiny of every day Pennsylvanians.

How These Changes Place You at Risk

So, PA banks might soon have a legal duty to scrutinize financial transactions involving older adults more closely. But why does this matter to you? As mentioned, banks must take certain actions if they don't want to face penalties or become liable for financial exploitation. If they deem a transaction suspicious, it can lead to a report to local law enforcement or agencies like the Department of Aging that investigate elder abuse in Pennsylvania. If you can't adequately explain your actions or if the bank misinterprets them, you could find yourself facing serious charges.

Whatever accusations you face, such as potential Theft by Deception or Elder Abuse charges, the LLF Law Firm can protect your rights from day one. Innocent actions—like helping an elderly parent with their finances or co-signing a check—might appear suspicious, but they should definitely not lead to criminal accusations.

Our Criminal Defense Team understands the risks of unfounded accusations and is ready to help if elder abuse or exploitation charges come your way. Call the LLF Law Firm today at 888.535.3686 or contact us online to start building your defense.