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.
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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.
The number of Suspicious Activity Reports related to elder financial exploitation has risen dramatically over the past several years, as seniors face increasing threats from both domestic and foreign actors, according to an analysis released last night by the Financial Crimes Enforcement Network.
As the population of older Americans continues to grow—and with seniors increasingly the targets of scams—a majority of banks are responding by offering training for frontline staff on how to prevent elder financial exploitation, according to the ABA Foundation’s second Older Americans Benchmarking Report released today.
Nearly 15% of Americans—more than 34 million people—are serving as caregivers for adults over 50. In November, recognized as National Family Caregiver Month, the ABA Banking Journal Podcast examines how banks can support caregivers in their mission while protecting the privacy and safety of the bank customers receiving care.
The Consumer Financial Protection Bureau yesterday released an advisory to financial institutions for reporting suspected elder financial exploitation.
First Financial Bank takes elder fraud seriously. The $7.8 billion bank with locations across Texas has stopped $7.5 million in elder fraud, including $2.3 million in 2018 alone.
To mark Elder Abuse Awareness Month in June, a bonus episode of the ABA Banking Journal Podcast explores how banks can successfully partner with law enforcement, Adult Protective Services agencies and other community partners to protect their senior citizen customers from elder financial abuse.