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Committee hears trusted-contact bill to help protect customers from fraud (HB1049)
Summary
Representative Bill Owens presented House Bill 1049 to allow financial institutions safe harbor to contact a designated trusted contact when they suspect exploitation; the measure drew support from banks, credit unions and the state securities commissioner.
Representative Bill Owens introduced House Bill 1049, a bill authorizing financial institutions to ask customers to designate a trusted contact and permitting the institution to contact that person when staff reasonably suspect exploitation or fraud.
"With this bill, if we pass it, now we've got some safe harbor," Owens said, describing the measure as a voluntary tool that helps institutions assist customers who may be vulnerable to scams without creating unintended account-access rights.
Witnesses from the Missouri Bankers…
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