New Statutes passed to prevent scammers from bankrupting Minnesota Seniors.

|| May 21, 2013

As Minnesota lawmakers wrap up their 2013 session, one of the new statutes that has emerged aims to prevent seniors and others from being scammed through wire transfers of money.  

The new statutes were designed to make it harder for seniors to transfer money to scammers and even more difficult for scammers to collect the money as well.  According to DFL Rep. Joe Atkins, the statutes will not allow money transfers to locations other than the original destinations.  If someone tries to send that money someplace else or someone else tries to pick up the money without your consent, a notification will immediately be sent regarding the transfer.

The other component of the new law, which is supported by consumer groups such as AARP and will take effect August 1, is the development of a "do not send" list. That will allow people to sign up themselves and their elderly relatives, so they are not allowed to wire-transfer funds. 

Even though scamming is one of the most under-reported crimes, last year alone, there were over 100,000 scam victims inMinnesota, with losses estimated around $5 million. There is no telling how many of these people had to file for bankruptcy as a result.  The hope now is that the new statutes will lower these numbers. 

Source: Public News Service, "Too Minnesota Nice? MN is Top State Targeted by Scammers," John Michaelson, May 20, 2013