Bankers ask for help saving seniors from financial scammers

[Judi Lynn]

Source: Associated Press

Bankers ask for help saving seniors from financial scammers
Anna Gronewold, Associated Press Updated 5:48 pm, Tuesday, February 28, 2017



ALBANY, N.Y. (AP) — Advocates for the elderly say each year con artists and greedy family members cheat New York seniors out of $1.5 billion in assets but they worry the number of reported cases is only the tip of the financial abuse iceberg.

The Senate and Assembly's Joint Committee on Aging heard testimony Tuesday from advocates, bankers and lawyers pushing for increased prevention of financial abuse of the elderly.
 
Ann Marie Cook, Greater Rochester president of aging adult advocacy group Lifespan, said financial abuse is the most common form of abuse reported each year.

The attorney general's elder abuse coordinator, Gary Brown, said only 1 of 44 cases of financial abuse is reported to authorities because seniors are unaware or embarrassed they fell for schemes.

Read more: http://www.chron.com/news/us/article/Bankers-ask-for-help-saving-seniors-from-10966179.php

[FailureToCommunicate]

1. But banks are okay with Trump's weasels gutting regulations that require

financial advisors have to work in the best interests of their clients?

(What a silly rule!)

[turbinetree]

2. Maybe, "new" Sec of Commerce Wilbur Ross has a solution :

[PSPS]

3. Don't look to the GOP for any help. They are the party of financial scammers.

[Bernardo de La Paz]

4. tRump already trying to rollback Elizabeth Warren's consumer protections. . . . nt

[salin]

5. two words: Wells Fargo.

Are they going to work against banks pulling the scams?

[Sherman A1]

7. Precisely

A good place to start

[progree]

6. Translation: tort reform

Bankers ask for help saving seniors from financial scammers

The groups are pushing for a Senate bill that would allow banks to immediately place holds on seniors' accounts that show suspicious activity, facilitate bank reporting of suspected cases and release financial institutions from liability.

I'm very surprised that there's a law that a bank can't place a hold on an account in case of suspicious activity; they sure can in Minnesota.

[dchill]

8. Oh, the irony.

[Turbineguy]

9. There's a lot of competition out there!

Between identity thieves, TV preachers, and Purveyors of RW Hate, Bankers are having a tough time.

[dembotoz]

10. sorry if i do not trust them