U.S. banks reported a record 24, 454 suspected cases of elder financial abuse to the Treasury Department last year, more than double the amount five years earlier, according to government data.
The increase occurred as new federal and state laws are prompting banks to take a more active role in trying to address frauds and scams that target older customers. For their part, banks are beefing up training programs for employees on how to detect, stop and report issues without violating a customer’s privacy. Employees are even learning to recognize signs of cognitive decline.
“Last February, a customer in her late 70’s walked into a New Canaan, Conn. branch of People’s United Bank, asking to wire $30,000 to her grandson. The customer said he had been in a car accident while vacationing in Mexico. Suspecting what is known as a ‘grandchild scam,’ Rebecca Reed, an assistant manager, instead suggested the customer call her grandson. It turned out he had been at school all day – not in Mexico.”
“We can see it when something is not right,” said Mrs. Reed.
Yuka Hayashi, January 24, 2019, Wall Street Journal
