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.
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.
According to a recent survey of community bankers, cybersecurity was the highest-rated risk concern, with over 96% of community bank CEOs reporting that they considered it an important or very important risk factor for their bank.
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.
Six in 10 lenders saw an increase in small and midsize business lending fraud over the past two years, according to a study from LexisNexis Risk Solutions, with an average increase of 7.3%.
A Consumer Protection Data Spotlight released today by the Federal Trade Commission found that consumers in their 20s and 30s are 25% more likely to report losing money to fraud than consumers 40 and older.
The Financial Crimes Enforcement Network is seeing “a high amount of fraud” enabled through synthetic identities and account takeovers via nonbank fintech platforms, FinCEN Director Kenneth Blanco said today at an identity protection event in Tampa, Fla.