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: Protecting older Americans
How banks of all sizes are delivering tailored financial education programs that meet the needs of distinct—and vulnerable—groups in their communities.
Compliance professionals are uniquely positioned to educate older Americans about the growing number of scams surrounding the pandemic.
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.
Consumers lost $201 million to romance scams in 2019, an increase of nearly 40% from a year prior, according to new data from the Federal Trade Commission’s Consumer Sentinel Network.
The American Bankers Association Foundation is calling on banker volunteers to help reach one million consumers with banker-led financial education lessons in 2020.
Access the ABA Foundation’s Older Americans Benchmarking Report.
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.
The latest episode of the ABA Banking Journal Podcast continues a pre-Thanksgiving tradition by interviewing the winners of ABA’s 2019 Community Commitment Awards. These stories present the perfect inspiration as we prepare for the season of thanks and giving.