Elder fraud

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.

The Credit Union National Association has partnered with the group to help distribute the platform to financial institutions free of charge.

Bank’s involvement and complex financing draw ire of Barclay shareholders; banks report financial deceit by those who know seniors.

Banks use anti-money-laundering and fraud systems to try to catch scams that prey on senior citizens. A few, including Wells Fargo, are working on artificial intelligence that could spot them even earlier.

The largest banks are expected to soon receive requests to appear before the House Financial Services Committee; banks taking steps to curb scams.

With President Trump signing the regulatory relief bill into law on Thursday, credit unions expect to see a host of benefits, including changes to MBL regs, HMDA exemptions, changes to the QM rule and more.

The $12 million settlement forced WSFS to reduce its fourth-quarter earnings.

The Mobile Act would allow financial institutions to scan or copy a customer’s photo ID when opening an account remotely, while another bill contained provisions that would protect bankers from lawsuits if they report suspected elder financial abuse.

The Mobile Act would allow financial institutions to scan or copy a customer’s photo ID when opening an account remotely, while another bill contained provisions that would protect bankers from lawsuits if they report suspected elder financial abuse.

If Congress doesn’t take the lead on protecting consumers from data breaches, states are more than ready to offer their own fixes. Bankers will also be keeping close tabs on bills related to marijuana, PACE loans and elder financial abuse.

Seniors typically have stellar credit and can be a good source of deposits in a rising rate environment.