Great Fixes for Financial Elder Abuse

Banks and CA Fast Team are saving seniors from financial scams and elder abuse. Financial institutions have always invested substantial resources in combating financial elder abuse. However, cybercrime has become so pervasive that many are increasing their investments or experimenting with new strategies to combat fraud. JPMorgan Chase and other financial institutions have always invested substantial resources in combating fraudsters. But now cybercrime has become so pervasive that many banks are increasing their investments or experimenting with new strategies to combat fraud. JPMorgan Chase, the nation’s largest bank, is now training staff to address the scammers’psychological tactics head-on. California also has an innovative Fast Team to combat complex financial scams

Chase Fought Back Against Scams

Chase has realized that the most effective way to fight back against financial elder scams was to better understand the emotional and psychological dynamics. So it hired Elizabeth Huppert, a behavioral scientist, roughly two years ago. Since then, she has been leading experiments with so-called scam interruption teams to develop strategies to assist call center staff and branch employees. These specialists swoop in when they determine that a criminal is stringing someone along. For example, using data and behaviors tracked behind the scenes or “tells” given inside a branch. This is a great step to show that Banks and Ca Fast Team are saving seniors from financial scammers and to serve as an example for other institutions to follow.

Scams on older adults were soaring from 2020 -2024 and probably through the roof in 2026

Bankers’ Jobs Are Fraught With The Fight Against Financial Elder Scams

Bankers’ jobs are fraught with the fight against financial elder scams. They are often the first to break the news that a customer’s investment returns are gone, or that a new girlfriend has stolen their savings. Many scammers, who are often trained in criminal syndicates’ compounds overseas, develop deep relationships with their victims over many months, undermining banks’ attempts to protect clients from financial scams. But now Banks and CA Fast Team are saving seniors from financial scams and elder abuse.

Scammers Put a Spell on Seniors

Senior targets are prodded into a heightened emotional state. This is likened to being entranced under a spell. Dr. Huppert is trying to develop ways to put those spells “in flux,” as she said in a recent interview. Huppert studied customer calls to better understand why they’re receptive to scammers’ stories. They learned that they are often conditioned to distrust the bank. The scam specialists are being trained to flip that script. They did this by raising questions and casting doubt, then finding ways to change the customers’ behavior, and fighting against elder abuse. But because of Chase’s research here, the cause of Banks and Ca Fast Team is saving seniors from financial scammers.

Victims Reluctant to Report Scammer Crimes Due to Shame

The New York Times reported that because victims’ sense of shame leaves them reluctant to report such crimes, the extent of elder financial exploitation is hard to calculate. The Federal Trade Commission reported $2.4 billion in losses in 2024, largely driven by investment and romance scams, as well as impersonation, with total losses much higher.

Financial elder abuse.

California’s Unique Fast Team for Financial Elder Abuse

Sweetheart Scams

If you’re an older adult who’s just ventured into online dating, the prospect of romantic companionship can be exciting. But if you are using dating apps and sites, it’s important to be wary of financial scammers. To avoid financial fraud, do not get tangled up with the wrong person and become a victim of a sweetheart scam. Do not use Tinder or similar websites. Older adults are really vulnerable. They are the number one group in the country who are isolated, lonely, and depressed. A sweetheart scammer can seem like a friend or lover and fill the void of loneliness in a solitary life.

How do Sweetheart Scams work?  

How Common are Sweetheart Scams? 

Finally, people have been even lonelier and more vulnerable since the pandemic. This is particularly true for lonely older adults who are more likely to isolate at home. According to the University of Michigan1/3 of seniors are now lonely, depressed, and isolated, thus fair prey for scammers.

Unfortunately, according to the FBI’s most recent Elder Fraud Report, now more than 6,700 people over age 60 lost nearly $367 million to such scams in 2023. Why are online dating scams so common? First, there are so many online dating sites, and many people use them. Second, the post-pandemic shift to virtual communication and meet-ups gives scammers a ready excuse to avoid in-person dates. This makes it easier to manipulate their victims.

Call the Consumer Protection Bureau

If you’re an adult child and want to join the many groups fighting financial elder abuse, or have an elderly parent who has been caught in one or any type of scam, reach out to the Consumer Financial Protection Bureau. They are developing strategies against financial fraud. This consumer protection agency has many resources, including going to your bank to find out if there are scams, such as debits to your loved one’s account or, as a senior, your own account.

Trump Administration Attacking Consumer Protection Bureau

Yet at a time when seniors need real protection against financial abuse, the Trump Administration permanently dismissed at least 22 enforcement actions in this agency. The actions addressed financial abuse and redressed more than $3.5 billion in alleged consumer harm. This means that $3.5 billion in potential restitution would have gone directly into Americans’ bank accounts. This number includes only the enforcement actions with decided monetary amounts – the Trump Administration dropped additional cases against big financial institutions and giant corporations that likely would have resulted in billions more being returned to Americans.

What can you do? Contact your Congressman and tell them you want the government to crack down on senior scammers. Go to a town meeting if your congressman holds one. Join Indivisible. 

Together, we can solve this crisis in our democracy. Pick one cause you want to back, like senior scammers, so you or your loved one is not scammed out of money. What can you do? Contact your Congressman and tell them that the federal government or State Programs like California Fast Team should be adopted by your State, and the Consumer Protection Bureau should be fully restored. Go to a town meeting if your congressman holds one.  And say the same thing and more if you wish.

Together, we can develop strategies to combat financial fraud. Vote for congresspeople who support seniors’ needs. Make a plan now to vote in November in case barriers are put up, like Trump’s plan to stop voting by Mail or to send the National Guard to voting sites. Educate yourself now on what barriers there may be to Voting & prepare; Educate yourself now on candidates on the ballot, their backgrounds & platforms in your city and state and for President now and until the vote, by joining the League of Women Voters or other similar organizations.

Find out more about Cathy Cress, MSW, at her website