Advocates for the elderly say each year con artists and greedy family members cheat New York seniors out of $1.5 billion in assets.
The Senate and Assembly's Joint Committee on Aging heard testimony Tuesday from advocates, bankers and lawyers pushing for increased prevention of financial abuse of the elderly.
The attorney general's elder abuse coordinator, Gary Brown, says scammers and relatives prey upon emotional vulnerabilities of seniors to gain access to their bank accounts.
A Senate bill would allow banks to place holds on seniors' accounts that show suspicious activity and would remove the banks from liability in case of error.
New York Bankers Association general counsel Roberta Kotkin says the legislation would encourage bank staff to report suspicious activity sooner.