As Elder Fraud Explodes, Banks Beat Back Duty to Call Cops
- State lawmakers want firms to do more to block con artists
- But industry lobbyists keep thwarting rules with ‘more teeth’
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The tale of a retired US submarine commander who sent $3.6 million to scammers in Asia, even as his bankers worried he was being conned, sparked so much outrage in Virginia that lawmakers raced to act.
But their flurry of legislation this year reached a familiar result. Before “Larry’s Law” passed, industry lobbyists deftly headed off a key clause: Banks must call police if they spot a crime.