A new law in Florida is designed to protect older citizens from the growing number of scams out there.
Banks will be allowed to delay completing certain transactions if there is a belief of potential fraud.
The law goes into effect on Jan. 1, 2025.
Florida had the second-highest number of seniors -- anyone older than 60 -- scammed last year.
According to the FBI, more than 8,100 Floridians over the age of 60 were scammed last year.
Collectively, they lost close to $294 million.
The new bill signed by Gov. Ron DeSantis on Tuesday will allow banks to delay distributing money if employees think seniors or vulnerable adults are getting financially exploited
The law requires banks to notify, in writing, anyone authorized to transact business on accounts and any “trusted contact” listed on the account.
Banks will be given legal immunity if they act in “good faith” in delaying a payment.
The FBI says scams targeting people 60 years old and older caused more than $3.4 billion in losses in 2023 nationwide.
That was an 11% increase from 2022.
The average victim in those cases lost about $34,000 last year.
If you believe that you or someone you know may have been a victim of a scam or fraud, you should call your local FBI field office. You can also file a complaint with the same office online.
How to file a complaint: https://www.myfloridacfo.com/safe/home.