Older people lose millions to scammers. New York could change that.

ALBANY — The state could soon begin training bank employees to spot financial scams targeting older residents, a safeguard that advocates say would prevent vulnerable New Yorkers from being siphoned of millions of dollars every year. 

A proposal in Gov. Kathy Hochul’s executive budget would require bank tellers and other employees to undergo special training to identify victims of financial fraud, then flag and report suspicious transactions to law enforcement to prevent them from turning over funds to unscrupulous scammers. 

“This is why we have to construct a system that is proactive and empowering for all New Yorkers, one that shuts down the pipeline of scams and reinforces the fact that technology and common sense can work hand in hand to protect our people,” said state Sen. Cordell Cleare, a Manhattan Democrat who chairs the chamber's Aging Committee.