The Protecting Elders from Wire Fraud Act would require banks and financial institutions to implement new safeguards against elder fraud. Specifically, employees who suspect financial exploitation of a senior citizen would be required to report it to a federal agency within five days and include detailed information about the suspected victim and the nature of the exploitation. When suspicious activity is detected, the financial institution could place a hold on the transaction for up to 30 days (extendable for two additional 30-day periods) to investigate, and must notify a trusted contact or family member within one day of placing the hold. The bill also protects financial institutions and their employees from lawsuits when they refuse transactions or share information in good faith to prevent elder fraud, while allowing them to share information with people reasonably associated with the senior citizen unless those people appear to be involved in the fraud. The requirements would take effect 180 days after the bill becomes law.