Feeney files bill to protect seniors and disabled from financial scams

Now, Sen. Paul Feeney, D-Foxboro, has filed a bill aimed at preventing scams like that from happening.

In the wake of recent and ongoing financial scams levied against many of the Commonwealth’s most vulnerable residents, he filed legislation to protect seniors and at-risk adults in the state from financial exploitation, in collaboration with Massachusetts Secretary of the Commonwealth William Galvin.

“This bill is all about protecting Massachusetts seniors, family members, neighbors, and friends from being taken advantage of by tech savvy, often international, crime syndicates, that prey on the most vulnerable” Feeney said.

“Too often, unsuspecting residents are being scammed by allusive criminals out of their hard-earned savings by the use of fear, manipulation, and retaliation.”

According to the bill, if a qualified individual — defined to include any agent, investment adviser, representative, bank employee, or person who serves in a supervisory, compliance, or legal capacity for a financial institution — has reasonable cause to believe financial exploitation of a senior or person with a disability has occurred or is being attempted, they are empowered to notify the secretary of state, relevant adult protective services agencies, or any third party previously designated by the eligible adult, so that all appropriate agencies are notified and can work towards protecting the targeted individual.

When a qualified individual has cause to believe financial exploitation is occurring, this bill authorizes a financial institution to delay disbursements or transactions to prevent additional exploitation in real-time, Feeney said.

If a disbursement or transaction is delayed, the financial institution must notify the Massachusetts Secretary of the Commonwealth and relevant adult protective services agencies within two days of the delay.