First Financial Bank takes elder fraud seriously. The $7.8 billion bank with locations across Texas won the ABA Foundation’s 2015 Community Commitment Award for protecting older Americans for its elder financial exploitation education program, which partners with local law enforcement, adult protective services and community organizations. Over the past five years, according to First Financial Chairman and CEO Scott Dueser, the program has stopped $7.5 million in elder fraud, including $2.3 million in 2018 alone.
To mark National Senior Fraud Awareness Day on May 15, Dueser speaks on the ABA Banking Journal Podcast about the growing scourge of frauds and scams targeting seniors, how his bank partners successfully to intercept fraud before it happens and what red flags bank staff need to look for in a potential fraud scenario — especially when the senior might be victimized by a caregiver or family member.
Fighting senior fraud is more than just a good thing to do, notes Dueser, who says that First Financial has received huge volumes of new deposits as a result of its community presentations and its leadership on the issue. “It’s just good business,” he says.
- Learn more about the ABA Foundation’s resources on elder fraud at aba.com/seniors.
- If you can’t see the audio player above, click here to listen to this episode.
In this episode: