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Financial Abuse of Seniors Hits Record

THE WALL STREET JOURNAL by. Yuka Hayashi (January 24th, 2019)



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 early signs of cognitive decline.


 

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