More Seniors Victimized by Financial Scams
By Yuka Hayashi of The Wall Street Journal The number of suspected cases of elder financial abuse reached a record last year, an increase that comes as new federal and state laws prompt banks to take a more active role in curbing frauds and scams that target older customers. Banks for their part have been 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 early signs of cognitive decline. Last year, banks reported 24,454 suspected cases of elder financial abuse to the Treasury Department, more than double...
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