Bankers Warn of ‘Crazy’ Amounts of Fraud Targeting Elderly Amid Push for New Regulations: Report

Employees at one US bank are reportedly warning about a massive amount of fraud targeting seniors as they call for regulations to crack down on the crime.

Top officials at the Equitable Bank in Waterford, Wisconsin, say they are fed up with the increasing scams targeting seniors, reports TMJ4 News.

Says Equitable Bank branch manager Dawn Jurgensen,

“Fraud is just crazy now. Every day, these fraudsters are creating new ways to scam people.”

The bank’s six branches across the state are receiving at least one fraud report per day targeting seniors or others.

The bank’s officials are holding community events to educate residents about the fraud and ways to protect themselves. They are also working with the Wisconsin Bankers Association to urge state lawmakers to pass tougher anti-fraud regulations.

Says Erin Arneson, the Equitable Bank’s vice president of retail banking,

“We were able to tell them how important it is that they push through the legislation that will help us help our elderly customers.”

Among the new regulations the bankers are asking for is the ability to slow down suspicious transactions, including when there are large cash withdrawals.

Says Arneson,

“We’re trying to protect them, and that’s really our message. We’re not doing it to be nosy or to be punitive in any way. We want to protect you.”

 

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