WASHINGTON, Nov. 11, 2024 – On this Veteran’s Day, an elder fraud prevention advocate, Janine Williamson, has called upon Congress to swiftly address the alarming rates of financial fraud affecting American consumers. At the heart of her advocacy lies S. 4943 and H.R. 9303, collectively called the “Protecting Consumers from Payment Scams Act.”
Addressing the glaring issue, Williamson emphasized how last year’s statistics revealed that one in three consumers fell victim to bank fraud, resulting in a massive $10 billion loss to cybercriminals. She highlighted the dire need for legislative intervention, stating that the current banking system fails to shield consumers from such malicious schemes. The proposed act aims to shift accountability away from victims and toward financial institutions, urging them to proactively recognize and prevent fraudulent activities.
The bipartisan effort seeks to implement stringent measures that would compel financial institutions to provide extensive reimbursements to fraud victims. Williamson’s unwavering commitment to safeguarding the elderly is evident in her endeavors, including her compelling testimony supporting HB 692 before the Virginia Senate Commerce and Labor Committee. This bill, also known as “Larry’s Law,” emerged as a pivotal step towards equipping financial employees with the skills to detect and report potential financial exploitation of senior citizens.
The genesis of “Larry’s Law” stemmed from the misfortune of Williamson’s late uncle, Larry Cook, a respected Navy commander who suffered staggering losses amounting to millions in a phishing scam during his final months. In her pursuit of justice, 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 her late uncle’s estate.
With the launch of larryslaw.org, a platform dedicated to raising awareness and advocating for policy changes, Williamson stands as a beacon of hope for combating elder financial exploitation. By sharing Larry’s story and empowering individuals to share their experiences, she aspires to foster a community united in upholding justice and safeguarding seniors from fraudulent practices.
The impact of Williamson’s advocacy resonates across leading media outlets, shedding light on the pressing need for systemic reforms to shield vulnerable populations from financial predation. As we navigate these critical conversations, let us heed Williamson’s call to stand united in championing the rights and protection of elders.
Image sourced from: Elder Fraud Prevention Advocate Janine Williamson Issues Statement as HB 692 “Larry’s Law” Takes Effect in Virginia — Credit Union Connection (thecreditunionconnection.com)
