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.

More elderly consumers are being diagnosed with Alzheimer's and dementia — making them vulnerable to scammers. Financial institutions are seeking special certifications to better equip themselves to help.

Scams against the elderly are responsible for more than $3 billion in losses each year, according to the Federal Bureau of Investigation. Credit unions say they are seeing more cases, and often the hardest part is getting the victims to admit they've been taken advantage of.

Marie Fulle was ordered to spend nearly three and a half years in federal prison and pay $1.09 million in restitution for stealing money from an elderly customer with dementia.

Peoples Bank in Arkansas and Main Street Bank in Massachusetts are getting smarter about spotting suspicious transactions tied to unemployment benefit fraud as well as warning customers what to watch out for.

The COVID-19 pandemic has already given rise to false marketing of test kits and criminals impersonating the FDIC. Consumer advocates say the bureau could issue alerts as well as empower banks to help safeguard their customers’ funds.

With more baby boomers aging, credit unions must adopt policies and practices to help identify and stop these crimes.

Elder financial exploitation is a vast and growing problem in the U.S., and one that presents difficult policy challenges for law enforcement and banks.

The consumer bureau said banks are "uniquely positioned" to know if an elderly customer is being targeted by fraudsters.

With millions of Americans struggling with Alzheimer’s and other diseases of the brain, there are ways for credit unions to better serve older members.

Elder abuse costs banks $1 billion in deposits a year, according to AARP. It has launched a video-game-style online training program that teaches bank employees what to be alert for.