Washington, Sept. 10 -- Rep. George Whitesides issued the following press release:
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 h...