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AGENCY TESTIMONY

Legislative proposals to combat elder fraud

0:24:01

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68 sec

The testimony includes recommendations for legislative actions at both the federal and state levels to enhance protections against elder fraud and improve financial safeguards for older adults.

Proposal for federal legislation requiring banking institutions to set up greater safeguards and ensure processes for reversing fraudulent charges
State-level proposal to require licensing or certification for tax preparers in New York State
Advocacy for the New York State legislature and state education department to issue certificates or licenses for tax preparers
Call for council partnership in pursuing legislative action to ensure restitution for elder fraud victims

Lorraine Cortés-Vázquez

0:24:01

This is a huge success and testament to the importance of the resource center work with older adults.

0:24:07

We are eager to work on legislative approaches at the federal level, which would require banking or financial institutions to set up greater safeguards and to ensure process where charges can be reversed before the fraud is completed.

0:24:23

As always, NYPD, there's also legislation that I would like to present to you at the state level also.

0:24:33

And that is regarding around the financial preparation of taxes.

0:24:37

In New York state, if you look at every other financial manager, are required to be licensed or certified and have a code of ethics that they must follow.

0:24:48

That is not the case with tax preparers who have access to all of your money.

0:24:52

So we're asking for the New York State legislature and the state education department to issue a certificate or a license for tax preparers to ensure that older adults are are safe and their information protected, and we hope that you join us on that advocacy effort.

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Examples of recent elder fraud cases and resolution

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Importance of financial literacy for older adults