Grandparent scams are a particularly pernicious fraud, one that preys on seniors’ love, care and concern for their family members. How can banks recognize these scams and work with law enforcement to protect clients?
The rate of elder financial exploitation across the globe has more than doubled since the start of the COVID-19 pandemic, with that count likely an underestimate as only one in 44 older adult victims report to the authorities that they have been targeted, according to a new report by AARP.
The advisory highlights behavioral and financial red flags to aid banks with identifying, preventing and reporting suspected abuse.
Among the 99% of banks that provide training for customer service representatives, according to the 2021 ABA Foundation Older Americans Benchmarking report, 84% provide front-line staff training at least once per year.
As older Americans—those born before 1965—hold 65% of deposit balances in the U.S., banks have continued to offer more products with terms that are favorable to them, according to the American Bankers Association Foundation’s 2021 Older Americans Benchmarking Report released today.
The Federal Trade Commission’s Consumer Sentinel Network took in more than 334,000 fraud reports filed by Americans age 60 or older, with reported losses of more than $600 million, the commission reported in its annual report to Congress on protecting older consumers.
Consumers aged 60 and older lost nearly $440 million to fraud in 2019, a $40 million rise from the prior year, according to a report submitted to Congress today by the Federal Trade Commission.
For seniors, social distancing saves lives but breeds vulnerability to fraud. Here’s how banks are protecting older Americans’ finances in the COVID-19 era and beyond.
Amid the coronavirus pandemic, cybersecurity and fraud analysts have noted an uptick in “money mule” scams. Banks increasingly need to be on the lookout for the telltale signs of these scams.
The Department of Justice has charged more than 400 defendants responsible for more than $1 billion in losses this year in the largest coordinated sweep of elder fraud cases in history, Attorney General William Barr and Chief Postal Inspector Gary Barksdale announced today.