ALBANY, N.Y. – Senate Deputy Leader Michael Gianaris on February 16 announced the state Senate passed his legislation (S.166-B) requiring money transmitters to warn customers of potential scams ahead of money transfers. This bill passes shortly after the debut of The Tinder Swindler, a hit Netflix film about a con artist who allegedly steals over $10 million from victims running romance scams.
“This Valentine’s Day, New York has no love for those who seek to scam people out of their money”, said Gianaris.”This bill hits a ripped from the headlines problem that’s costing people millions of dollars. New Yorkers deserve the strongest protections against predators and fraud. I am committed to keeping everyone safe from these scammers’.
According to the Federal Trade Commission, more than 56,000 Americans reported losing over $547 million in romance scams in 2021. Senator Gianaris’ legislation will require financial institutions to provide a warning to customers of the danger of consumer fraud when transferring funds.
