Requires transmitters of money to warn consumers about potential fraud before completing a funds transfer.

New York S02040 mandates that entities transmitting money must provide a clear warning to consumers about potential fraud before completing the transfer. The warning must include a bold title, information about fraud risks, and details on how to stop a transfer. The warning must be noticeable and comprehensible, whether presented in writing or orally. Violations are subject to civil penalties.

Requires transmitters of money to warn consumers about potential fraud before completing a funds transfer.

New York S02040 mandates that entities transmitting money must provide a clear warning to consumers about potential fraud before completing the transfer. The warning must include a bold title, information about fraud risks, and details on how to stop a transfer. The warning must be noticeable and comprehensible, whether presented in writing or orally. Violations are subject to civil penalties.