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.
Browsing: Fraud prevention
The nation’s banks stopped $22.3 billion in fraudulent transactions in 2018—almost $9 out of every $10 of attempted fraud—according to the American Bankers Association’s 2019 Deposit Account Fraud Survey Report released 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.
A new infographic from the American Bankers Association Foundation, Association of Military Banks of America and the Better Business Bureau provides tips for veterans, active duty servicemembers and their families on how to protect themselves from financial scams targeting the military.
Consumers aged 60 and older lost nearly $400 million to fraud in 2018, according to a report submitted to Congress last week by the Federal Trade Commission.
With synthetic ID fraud—a tactic by which fraudsters use a combination of fake and legitimate information to create new identities—on the rise, a new white paper from the Federal Reserve’s FedPayments Improvement initiative examines how to detect and prevent it.
Business email compromise schemes—though which fraudsters target businesses and their fund transfers—generated more than $300 million a month in illicit revenue during 2018, the Financial Crimes Enforcement Network reported today.
In a white paper released yesterday, the Federal Reserve System documented the current state of synthetic identity fraud and its effects on the payments industry.