Bankers ask for help saving seniors from financial scammers

Advocates also say in more than half the cases of financial abuse the perpetrator is a family member trying to persuade or coerce a senior to funnel money into his or her own account.

The groups are pushing for a Senate bill that would allow banks to immediately place holds on seniors' accounts that show suspicious activity, facilitate bank reporting of suspected cases and release financial institutions from liability.

Former prosecutor Liz Loewy, counsel for industry relations at fraud prevention group Eversafe, said New York is in the minority because 34 other states have laws addressing what banks, firms and financial services should do when they notice suspicious activity and 28 mandate reporting.