By Linda W. Navarro here are many ways that banks engage in protecting their customers’ hard-earned dollars. Lending prudently, providing deposit insurance, combating fraud, advising about smart financial choices—the list goes on. Lesser known, but equally important, is the work banks do to protect older Americans from financial abuse. (See “Safe Banking, Savvy Seniors.”) At
Browsing: Elder abuse
Financial institutions are “well-positioned” to take a proactive stance on preventing fraud and financial exploitation of seniors, ABA Board Member F. Scott Dueser — who is chairman, president and CEO of First Financial Bankshares Inc., Abilene, Texas — told White House Conference on Aging participants yesterday.
First Financial Bank in Abilene, Texas, tackles the “epidemic” of elder financial abuse.
Banks play a critical role in identifying financial fraud and protecting their older customers against related losses, Comptroller of the Currency Thomas Curry said in a speech Friday in Washington, D.C. He noted that bankers are helping to flag elder fraud by filing Suspicious Activity Reports with the Financial Crimes Enforcement Network, as well as by enhancing training and improving marketing and education materials to raise awareness of fraud schemes.