H.R. 10242
Requires fraud alerts for senior credit cards
Orders a consumer agency to write a rule within 180 days that makes credit card companies send fraud alerts to older cardholders and a chosen person, and makes banks train staff to spot possible financial abuse.
- Card issuers must send fraud alerts when a pre-approved card for a senior citizen is activated
- Alerts also go to a person the cardholder picks who is at least 25 and a relative, spouse, or described contact
- Banks and credit unions must train fraud-detection staff to spot possible exploitation
- They must notify a senior within 24 hours about certain account activity, like odd withdrawals or charges
In committee