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.
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.
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.
