ALBANY, N.Y. – Senate Deputy Leader Michael Gianaris announced the state Senate passed his legislation (S.166-B) requiring money transmitters to warn customers of potential scams ahead of money transfers. This bill passes shortly after the debut of The Tinder Swindler, a hit Netflix film about a con artist who allegedly steals over $10 million from victims running romance scams.

“This Valentine’s Day, New York has no love for those who seek to scam people out of their money” said Senate Deputy Leader Michael Gianaris. “This bill hits a ripped from the headlines problem that’s costing people millions of dollars. New Yorkers deserve the strongest protections against predators and fraud. I am committed to keeping everyone safe from these scammers.”

According to the Federal Trade Commission, more than 56,000 Americans reported losing over $547 million in romance scams in 2021. Senator Gianaris’ legislation will require financial institutions to provide a warning to customers of the danger of consumer fraud when transferring funds.