Elder fraud

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.