STOP Senior Fraud Act

Key Provisions

• Lets banks temporarily stop or refuse transactions for up to 55 days. This applies if they suspect financial exploitation of an older adult, a vulnerable person, or someone who previously reported fraud on their account.
• Allows banks to extend a transaction delay up to 85 days if an internal review confirms the suspicion of fraud.
• Requires banks to notify account holders and a trusted contact, if available, when a transaction is delayed or refused due to suspected fraud.
• Requires banks to report suspected financial exploitation to State and local protective services, law enforcement, and a Federal regulatory authority. This report must be made within two business days.
• Protects banks from lawsuits for delaying or refusing transactions in good faith. This protection also applies for sharing information with authorities, when following the bill's rules.