WASHINGTON, D.C. – Today, Reps. George Whitesides (CA-27), Maria Salazar (FL-27), and Don Davis (NC-01) introduced the bipartisan Protecting Elders from Wire Fraud Act, legislation that would require financial institutions place holds on suspicious wire transactions leaving a senior’s account where financial exploitation is suspected. 

As scams become more sophisticated and convincing, Congress has a responsibility to act to better protect Americans from financial exploitation. According to the FTC, $334 million was reported lost to fraudulent wire transfers in 2025 alone. As scams are typically underreported, the true total amount of money lost is likely much higher. 

“We have a duty to protect our nation’s seniors from the epidemic of scams that threaten their financial security,” said Rep. Whitesides. “The Protecting Elders from Wire Fraud Act does just that, by allowing banks to hold suspicious wire transactions to determine their legitimacy.”

“Many seniors are spending their golden years on a fixed income. With the cost of living continuing to rise in places like Miami, every dollar matters, so accidental wire transfers can be especially devastating,” said Rep. Salazar. “Accidental wire transfers are nearly impossible to stop once a transaction has been fully completed, which is why I am proud to co-lead the Protecting Elders from Wire Fraud Act, to proactively protect seniors from bad actors and help them keep the money they worked so hard for.”

“As scams become more sophisticated, we cannot allow criminals to stay a step ahead. The Protecting Elders from Wire Fraud Act would give financial institutions stronger tools to act quickly when they suspect fraud, including temporarily holding suspicious transactions and reporting suspected exploitation to the appropriate authorities. We must give families and law enforcement the tools they need to protect our seniors from exploitation and safeguard not only their financial security but their independence and peace of mind,” said Rep. Don Davis. “Seniors across eastern North Carolina worked hard for what they have, and we have a responsibility to protect the savings they have spent a lifetime building from criminals looking to exploit them.”

“Scams are a scourge on the American consumer, and every year scammers are stealing more and more money from the pockets of our nation’s seniors,” said Brady Finta, founder and CEO of the National Elder Fraud Coordination Center. “We need concrete action from both the public and private sectors to address this crisis, which is why I’m proud to support Rep. George Whitesides’ legislation to better protect seniors from financial exploitation.”

The Protecting Elders from Wire Fraud Act would:

• Require covered financial institutions to place holds up to 90 days on transactions leaving a senior’s account where financial exploitation is suspected to allow for the legitimacy of the transaction to be determined. 
• Direct financial institutions to reach out to trusted contacts associated with the senior’s account when a hold is placed.
• Provide safe harbor for financial institutions acting in good faith.

This legislation is endorsed by AARP and the National Elder Fraud Coordination Center. 

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