Elder Fraud Prevention Advocate Janine Williamson Issues Statement on S. 4943 and H.R. 9303 "Protecting Consumers from Payment Scams Act"

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Nov 11, 2024, 09:00 ET

WASHINGTON , Nov. 11, 2024 /PRNewswire/ -- This Veteran's Day, elder fraud prevention advocate Janine Williamson is urging Congress to take action on S. 4943 and H.R. 9303, the Protecting Consumers from Payment Scams Act.

"The American banking system is failing to protect its consumers from fraud. Last year, one in three consumers experienced bank fraud, allowing $10 billion to go to cyber criminals," Williamson said. "Criminals are winning. The Protecting Consumers from Payment Scams Act would remove the blame from victims and hold financial institutions accountable for failing to recognize and prevent fraud. This is a great start."

Introduced in the Senate by Sen. Richard Blumenthal, D-Conn., and Sen. Elizabeth Warren, D-Mass., and in the House by Financial Services Committee Ranking Member Maxine Waters, D-Calif., the Protecting Consumers from Payment Scams Act would greatly expand requirements for financial institutions to reimburse victims of frauds and scams.

Williamson has long been active defending the interests of seniors. She testified before the Virginia Senate Commerce and Labor Committee earlier this year in support of HB 692, which was signed into law in April and took effect in July. The measure lays the groundwork for financial institutions to train their employees in how to identify potential financial exploitation of senior citizens and report suspected financial exploitation of a senior to the authorities.

HB 692 also allows for a trusted contact to be added to all financial accounts. If the financial institution suspects the consumer is experiencing financial exploitation, the trusted contact can be notified, intervene, and prevent more financial loss.

HB 692 is widely known as "Larry's Law" in honor of Williamson's uncle, the late Larry Cook of Herndon, Va., a retired Navy commander who lost millions of dollars in a phishing scam in the final months of his life.

As his niece and the administrator of his estate, Williamson has filed an appeal with the U.S. Court of Appeals for the Fourth Circuit regarding her $3.6 million negligence lawsuit against Wells Fargo and Navy Federal Credit Union on behalf of the estate of her late uncle.

Williamson and her family built the website larryslaw.org to share Larry's story and educate lawmakers, reporters, and the public about elder financial exploitation and policy changes that can protect seniors. The website includes an interactive map with state-by-state FBI data on elder fraud and a form where visitors can share stories about their experiences with financial exploitation.

Cook's story and Williamson's $3.6 million negligence lawsuit against Navy Federal Credit Union and Wells Fargo have been profiled in USA Today, Yahoo! News, NBC Washington, CBS Seattle, Law.com, and more.

MEDIA CONTACT:
Cooper Rumrill
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SOURCE Larry W. Cook Estate