News Topic: Elder fraud

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. ... Read full article

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. ... Read full article

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. ... Read full article

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

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. ... Read full article

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

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. ... Read full article

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

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

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. ... Read full article

If Congress doesn’t take the lead on better 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. ... Read full article

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