California Bill Aims to Protect the Elderly From Financial Fraud

The measure would require banks to alert account holders of any reasonably suspicious activity.

The California State Capitol building in Sacramento, Calif., on April 18, 2022. John Fredricks/The Epoch Times

A bill aimed at protecting the elderly from financial scams by establishing a program for banks to alert account holders of potentially fraudulent activity is currently making its way through the California Legislature.

SB 278, introduced by Democrat Sen. Bill Dodd in 2023, could also delay financial transactions exceeding $5,000 for three days if the bank suspects fraudulent activity.