St. Paul, Minnesota — Yesterday, Governor Mark Dayton signed HF 194, a bill aimed at protecting older Minnesotans from scams and wire transfer fraud. HF 194 received broad bipartisan support and was chief authored by State Representative Joe Atkins (DFL – Inver Grove Heights).
Too many older Minnesotans fall victim to frauds and scams that can wreak havoc on their financial security. Tens of thousands of Minnesotans have been scammed by making a wire transfer — resulting in millions of dollars of loss per year.
“These scams continue to be a growing problem and we need to do all we can to combat them,” said Rep. Atkins. “Minnesotans are good and trusting people, meaning we get targeted by these scams more than most. This legislation is a tool of protection and will make a huge difference in preventing these types of scams.
“Minnesota seniors and their families should never have to be subjected to these terrible, heartbreaking crimes. We have to protect our vulnerable citizens.”
HF 194 will help protect seniors from wire transfer fraud by requiring wire transfer companies to confirm that the location provided by the sender is the location where the money ends up. The bill also contains provisions to provide more authority to the Department of Commerce to protect consumers by increasing penalties and regulatory actions against this type of organized fraud, require wire transfer companies to provide a confirmation of the money sent and who picked up the transaction, and allow a sender to be put on a "Do Not Send" list to prevent repeated transfers.