STOP Senior Fraud Act

The STOP Senior Fraud Act empowers financial institutions to temporarily delay or refuse transactions for accounts held by older adults, vulnerable individuals, or those with a history of financial exploitation if there is a reasonable suspicion of fraud. Under this bill, these delays can last up to 55 days, with a possible extension to 85 days if an internal review confirms the risk, and must be accompanied by notifications to trusted contacts and relevant authorities. Financial institutions are also required to provide staff training on identifying and handling potential exploitation cases, while the law includes protections to shield banks from liability when acting in good faith. The legislation defines specific terms such as "older adult" as anyone 62 or older and "financial exploitation" as the unauthorized taking or control of assets through deception or undue influence.