With bipartisan support, the Senior Safe Act was enacted into law on May 24, 2018. Part of the broader Economic Growth, Regulatory Relief and Consumer Protection Act, the new law provides seniors greater protection from financial exploitation.
The law grants immunity to financial service providers who alert lawmakers to suspected financial abuse of their senior clients. Financial services advisors such as bank personnel, credit unions, brokers, insurance companies, etc., are on the “front lines” and often the first to spot suspicious activity. However, they tend to be reluctant to report their suspicions due to concerns about legal liability and customer privacy. The Senior Safe Act shields financial institutions and their employees from legal liability so long as the institution has trained employees to identify warning signs of scams, and reports the suspicious activity in good faith to the proper authorities.
A 2016 study by Allianz found that senior fraud is widespread, with the average victim losing $36,000. Ten percent of those polled lost $100,000 or more.
You can read the text of the Senior Safe Act here. (Scroll down to Title III, Section 303,”Immunity From Suit For Disclosure of Financial Exploitation of Senior Citizens.”)
