Elder fraud

How can lenders stop elder fraud when a scam is already underway? One approach, allowed by a growing number of state laws, is to contact someone the client trusts. It's a tactic that can work quickly — or backfire.

Federal Trade Commission data shows scam losses for adults 60+ have skyrocketed, with banks under pressure to strengthen protections.

The fintech and nonprofit join others, including AARP and the ICBA, in working to raise awareness of the financial risks of Alzheimer's and dementia.

A new survey shows banks overwhelmingly support state laws that let them pause transactions to prevent elder financial abuse, despite shortcomings.

The Columbus, Ohio-based bank has unveiled a product that lets adults who need help managing their finances and guarding against fraud give limited account access to someone they trust.

The FDIC, OCC, NCUA and Fed each signed onto a letter that detailed strategies for mitigating financial crimes against older Americans.

Recent multimillion-dollar elder fraud cases are leading to lawsuits and possible regulatory action. 

California has a pending law that would hold banks liable for three times the amount of a loss if they had reason to suspect financial exploitation of an older customer and did nothing about it.

Banks reported nearly $27 billion had been tied up in scams or theft against elderly people in a recent 12-month period, according to a report from the U.S. Treasury.