Podcast Center
Video Center
Webcasts
Resource Center
Events
November 25, 2015 at 07:16 AM
Massachusetts regulators are asking banks and credit unions to take more action to protect seniors from financial abuse.
The office of Secretary of the Commonwealth William Galvin sent out letters to 190 banking institutions in the state recently urging them to train employees “to identify signs of suspicious behavior or unusual banking activity involving senior citizens.”
As part of this outreach, Galvin described an instance in which a senior bank client “was persuaded to obtain bank checks totaling $60,000” after getting a series of phone calls in which she was told these checks “were essential to her collecting sweepstakes prize money.”
In these case, he explained, the fraud was successfully prevented thanks to a joint effort that included the senior client’s bank, FBI and state regulators.
