US regulators recently issued an Interagency Statement on Elder Care Financial Exploitation. They interestingly preface the statement by saying it “does not replace previous guidance on this subject” and “does not impose new regulatory requirements or establish new supervisory expectations.”
Financial scams are everywhere these days and no one is immune. And sometimes it leaves older adults with no way to recoup their losses.
Thailand, February 12th, 2025 – Myanmar authorities handed over 260 foreign nationals, believed to be victims of human trafficking and online scam operations in Myawaddy, to Thai officials at Tak’s Phop Phra district.
In remarks at the ABA 2024 Annual Convention, President and CEO Rob Nichols highlights ABA’s leadership role in helping banks protect their customers from fraud and identifies concrete steps the federal government can take to help in the fight.
Americans have lost hundreds of millions of dollars to fraud tied to payment network’s shoddy safeguards
The tale of a retired US submarine commander who sent $3.6 million to scammers in Asia, even as his bankers worried he was being conned, sparked so much outrage in Virginia that lawmakers raced to act. But their flurry of legislation this year reached a familiar result. Before “Larry’s Law” passed, industry lobbyists deftly headed off a key clause: Banks must call police if they spot a crime.
A Washington state woman’s appeal has been granted in a $3.6 million negligence lawsuit against Wells Fargo and Navy Federal Credit Union. The lawsuit, which concerns alleged fraudulent wire transactions, is scheduled for oral arguments on March 18-21 before the U.S. Court of Appeals for the Fourth Circuit. Janine Williamson filed the lawsuit on behalf of her late uncle, Larry Cook of Herndon, Virginia.
Join Troutman Pepper Partners Chris Willis, Mary Zinsner, and Dave Gettings for an in-depth discussion about litigating elder financial exploitation cases. Elder abuse and financial exploitation of the elderly are increasing problems in our society, and financial institutions are right in the thick of it.
The Consumer Financial Protection Bureau (CFPB) launched a rulemaking to address the harmful effects of inaccurate credit reporting affecting survivors of domestic violence, elder abuse, and other forms of financial abuse.
In recent years, significant data breaches have compromised many Americans’ personal information. U.S. consumers reported losing $10 billion to fraud in 2023, up $1 billion from the previous year.
Scam sites run rampant on search engines like Google, as malicious actors attempt to steal precious personal data and financial information using phony websites posing as the real thing.