Proposed California legislation looks at the role of financial institutions in transactions that involve older folks and fraudulent activity.
Alice Lin, 80, says she lost more than $700,000, her life savings, after someone befriended her through text messages.
The complaint also claims Lin had not made wires with Chase for several years prior and alleges bank representatives did not contact Lin or her eldest daughter, an authorized user on the account. “I had one person that testified for this bill that almost lost $1 million, and that was all her life savings,” he said.
“We urge all consumers to ignore phone or internet requests for money or access to their computer or bank accounts. Legitimate organizations or companies won’t make these requests, but scammers will.““When customers visit our branches to complete wire transactions, our bankers ask questions, raise awareness around various scam scenarios and provide clear warnings that once a wire is sent, you may not be able to recover your money. These interactions occurred in this case when … Ms.
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