The president of the New York Bankers Association on Monday pledged industry cooperation with federal and state authorities to protect elderly customers from being ripped off by friends or family members who co-own their accounts.

"Banks have in place systems to detect fraud in many of their accounts, but the hardest problem to deal with is a close relative, friend, or acquaintance taking advantage of a relationship with an elderly customer to withdraw sometimes an entire life's earnings from an account," Michael P. Smith testified at a House Banking oversight subcommittee hearing in New York.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.