ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Community Banking

Fraud Busters Protecting the Elderly

April 30, 2015
Reading Time: 3 mins read

By Corey Carlisle

With more than two-thirds of all bank deposits held by older Americans and trillions of dollars to be inherited or transferred by aging adults from their grandparents, parents and others, financial abuse of the elderly is on the rise. In response, First Financial Bankshares in Abilene, Tex., launched a Financial Exploitation Program called “Fraud Busters,” a unique partnership between themselves, the Abilene Police Department and Adult Protective Services (APS).

First Financial chairman Scott Dueser says he would describe the problem as “an epidemic that every bank should be paying attention to and taking action to protect their customers.” According to a MetLife study, financial abuse and exploitation of the elderly results in losses of around $2.9 billion annually. Almost everyone agrees that number is likely much higher as victims are often unlikely to report these crimes because they are frequently perpetrated by someone they know and trust.

Damages are only likely to increase, as the aging demographic of the United States is increasing rapidly. Baby boomers—those born between 1946 and 1964—are creating a dramatic shift in the age composition of the U.S. population. Projections suggest that 71.4 million people will be age 65 or older in 2029. This figure is close to 20 percent of the U.S. population by 2029, up from 14 percent in 2012.

Fraud is often perpetrated on the elderly through a middle-man who develops an online relationship with someone (via a dating or gaming website), that will, over time, lead to an “ask” for a financial favor. Dueser described one situation where an elderly customer came into his bank to see if the funds she had deposited the day before had cleared. She deposited a check for $1,500 that she received in the mail. She intended to mail the sender a check for $1,400.

Upon hearing the story, bank staff advised the customer she was a victim of a scam. They placed a hold on the funds and alerted the woman not to mail the check. They called the person whose account the check was drawn on and discovered she was also elderly. The paying bank was notified and placed a stop payment of the check to protect their customer’s account.

“The situation in Abilene is no different than what the industry is seeing nationwide,” Dueser explained, “which is why we wanted to design a program that detects fraud before the money goes in the wrong hands.”

More dire situations come when the elderly are abused by a family member or a caregiver. While visiting with a First Financial personal banker, an elderly customer said that family members were stealing his money and leaving him alone with no way to call for help. The banker, recognizing this as a red flag of elder abuse, consulted with bank colleagues and called APS. The agency assessed him to be ill and in a deplorable living situation. APS was able to contact his daughter who lives out of state, and she immediately came to help. Since then, the customer has moved to a nursing home where he is getting proper care, his accounts have been changed to protect his finances and he is very thankful that someone cared enough to get him the help he needed.

First Financial is winning the admiration of many, as noted by the press in Texas and nationally. Business and community leaders are taking their deposits to First Financial Bank. “Our program is just getting better and better. A number of banks ask for our toolbox to start their own program, and, after a recent speech at a Rotary Club event, I had a guy tell me he opened a $3 million account because he was so impressed with our commitment to fight fraud.” Doing well by doing good, indeed.

ADVERTISEMENT
Tags: Community engagementElder abuseFraudProtecting older Americans
ShareTweetPin

Related Posts

Bankers urge lawmakers to ease regulatory hurdles for de novo bank formation

Bankers urge lawmakers to ease regulatory hurdles for de novo bank formation

Community Banking
May 14, 2025

The founders of two de novo banks shared with lawmakers the challenges of launching a new financial institution in the current regulatory climate, and they pushed for legislation to ease some of those burdens in the early years...

ABA comments on proposal to improve accounting in tax credit structures

House committee advances tax package with ABA priorities

Ag Banking
May 14, 2025

The House Ways and Means Committee voted along party lines to advance a federal budget reconciliation tax package that includes several of ABA's policy priorities

ABA, associations urge lawmakers to finalize deal on debt ceiling

ABA urges lawmakers to lift regulatory barriers to bank merger, de novo formation

Community Banking
May 14, 2025

Narrow supervisory standards, inconsistent approval timelines and other regulatory impediments are limiting new bank formation and leading to further consolidation in the financial sector, ABA said.

Directors Briefing: Millbury National Bank marks 200 years  of independence with CEO transition

Directors Briefing: Millbury National Bank marks 200 years of independence with CEO transition

Directors Briefing
May 14, 2025

“Millbury National has always been about serving our community, and that will never change.”

OCC sees need for regulatory reform in bank merger process

Chickasaw Banc Holding to buy Oklahoma Heritage Bank

Community Banking
May 13, 2025

Chickasaw Banc Holding in Oklahoma City has agreed to buy Oklahoma Heritage Bank in Ada.

ABA, associations urge Congress to overturn CFPB credit card late fees rule

Federal budget reconciliation tax package includes ACRE Act, other ABA priorities

Ag Banking
May 12, 2025

Congressional leaders unveiled a federal budget reconciliation tax package that contains several banking industry priorities, including language to expand access to affordable real estate credit in rural areas, as championed by ABA.

NEWSBYTES

ABA DataBank: Higher costs, less credit

May 16, 2025

Survey: Customer satisfaction with personal loans holds steady

May 16, 2025

Preliminary: Consumer sentiment fell 1.4 points in May

May 16, 2025

SPONSORED CONTENT

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025
Six Payments Trends Driving the Future of Transactions

Six Payments Trends Driving the Future of Transactions

March 15, 2025
AI for Banks: A Starter Guide for Community and Regional Institutions

AI for Banks: A Starter Guide for Community and Regional Institutions

March 1, 2025

PODCASTS

Podcast: Accelerating banking for quick-service restaurants

May 8, 2025

How a Georgia community bank supports government-guaranteed lending nationwide

May 1, 2025

Podcast: Quantum computing’s shakeup in payments, cybersecurity

April 24, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.