Governor Hochul's executive budget proposal includes initiatives aimed at combatting financial exploitation of older New Yorkers. Backed by AARP's New York affiliate, the measure aims to train bank employees and financial advisers to identify and act against potential scams. This would allow them to temporarily suspend suspicious transactions and report them to law enforcement. With significant financial losses reported among seniors—totaling $203 million statewide in 2023—advocates emphasize the need for heightened protections in an age of increasing cyber threats.
The measure would train bank tellers and other bank employees; investment brokers and advisers; and others dealing with the finances of older New Yorkers, in how to spot exploitation.
Data from the FBI indicates that New Yorkers ages 60 and older lost as much as $203 million to scamming activity in 2023.
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