The Pennsylvania Association of Community Bankers are pushing for new laws to better protect seniors from elder financial abuse. Kevin Shivers, President and CEO of PACB, and Christina Carden, VP of Marketing and Communication at Cross State Credit Union Association were guests on The Spark to shed light on this issue. Below is a op-ed from PACB that explains their partnership on this effort and what they would like to see happen in 2025.

Letter to Santa to Protect Older Pennsylvanians 

Dear Santa,

Older Pennsylvanians deserve a new law to help protect them from financial exploitation.

Elder financial exploitation comes in many forms. Scammers are constantly targeting older adults through a variety of schemes, like romance scams and investment frauds.

Tech support scams were the most reported last year by older adults. Criminals pose over the phone as tech or customer service representatives, impersonating technology, banking, or government officials to convince victims that foreign hackers have infiltrated their bank account. They then instruct the victim that to “protect” their money, they should move it to a new account – one secretly controlled by the scammers.

Nameless, faceless scammers are constantly finding new ways to steal money from older adults. Sadly, even people known and trusted by an older adult can be the perpetrators of elder financial exploitation. In these situations, a family member, friend, or someone else known to the older adult exerts pressure on financial decisions, asks for sums of money, or convinces the older adult to sign over investments, real estate, or other assets through the use of manipulation, intimidation, or threats.

On a positive note, these scams often raise the suspicions of trained bank employees who are effective guards against financial abuse of older adults. Recognizing the warning signs of frauds and scams is a goal that is shared by many, including the Pennsylvania Association of Community Bankers and AARP Pennsylvania.

That is why this holiday season, we are urging older Pennsylvanians to be on high alert for scammers, fraudsters, and manipulators who want to steal their money, their financial information, and even their identity. We believe if you can spot a scam, you can stop a scam. But this is where our wish list gets a bit longer. Currently, the state’s Older Adults Protective Services Act (OAPSA) does not mandate reporting of elder financial abuse. We believe this act also needs to be updated to allow banks and credit unions to place a temporary hold on transactions they suspect are fraudulent and report the matter to the local area agency on aging and law enforcement.

Providing this “safe harbor” will ensure banks play an even more active role in preventing elder financial abuse, while adding a needed device to the Commonwealth’s toolbox to detect and deter frauds and scams. While we’ll be good and working hard on this effort, we hope you can help make our wish for the Commonwealth to pass a law to better protect older Pennsylvanians from elder financial abuse can come true in the new year.

Kevin Shivers, President and CEO, Pennsylvania Association of Community Bankers

Bill Johnston-Walsh, State Director, AARP Pennsylvania

 

Listen to the podcast to hear the interview.

 

The <a href="https://www.pacb.org/">Pennsylvania Association of Community Bankers</a> are pushing for new laws to better protect seniors from elder financial abuse. Kevin Shivers, President and CEO of PACB, and Christina Carden, VP of Marketing and Communication at <a href="https://www.crossstate.org/">Cross State Credit Union Association</a> were guests on The Spark to shed light on this issue. Below is a op-ed from PACB that explains their partnership on this effort and what they would like to see happen in 2025.
Letter to Santa to Protect Older Pennsylvanians 
Dear Santa,
Older Pennsylvanians deserve a new law to help protect them from financial exploitation.
Elder financial exploitation comes in many forms. Scammers are constantly targeting older adults through a variety of schemes, like romance scams and investment frauds.
Tech support scams were the most reported last year by older adults. Criminals pose over the phone as tech or customer service representatives, impersonating technology, banking, or government officials to convince victims that foreign hackers have infiltrated their bank account. They then instruct the victim that to &ldquo;protect&rdquo; their money, they should move it to a new account &ndash; one secretly controlled by the scammers.
Nameless, faceless scammers are constantly finding new ways to steal money from older adults. Sadly, even people known and trusted by an older adult can be the perpetrators of elder financial exploitation. In these situations, a family member, friend, or someone else known to the older adult exerts pressure on financial decisions, asks for sums of money, or convinces the older adult to sign over investments, real estate, or other assets through the use of manipulation, intimidation, or threats.
On a positive note, these scams often raise the suspicions of trained bank employees who are effective guards against financial abuse of older adults. Recognizing the warning signs of frauds and scams is a goal that is shared by many, including the Pennsylvania Association of Community Bankers and AARP Pennsylvania.
That is why this holiday season, we are urging older Pennsylvanians to be on high alert for scammers, fraudsters, and manipulators who want to steal their money, their financial information, and even their identity. We believe if you can spot a scam, you can stop a scam. But this is where our wish list gets a bit longer. Currently, the state&rsquo;s Older Adults Protective Services Act (OAPSA) does not mandate reporting of elder financial abuse. We believe this act also needs to be updated to allow banks and credit unions to place a temporary hold on transactions they suspect are fraudulent and report the matter to the local area agency on aging and law enforcement.
Providing this &ldquo;safe harbor&rdquo; will ensure banks play an even more active role in preventing elder financial abuse, while adding a needed device to the Commonwealth&rsquo;s toolbox to detect and deter frauds and scams. While we&rsquo;ll be good and working hard on this effort, we hope you can help make our wish for the Commonwealth to pass a law to better protect older Pennsylvanians from elder financial abuse can come true in the new year.
Kevin Shivers, President and CEO, Pennsylvania Association of Community Bankers
Bill Johnston-Walsh, State Director, AARP Pennsylvania
&nbsp;
Listen to the podcast to hear the interview.
&nbsp;

When people come together and talk about really interesting topics, great questions spark better understanding and opportunities for new ideas to form. On The Spark from WITF, host Asia Tabb starts conversations about what’s happening in the world and at home. Share your ideas at https://witf.org/programs/the-spark.

When people come together and talk about really interesting topics, great questions spark better understanding and opportunities for new ideas to form. On The Spark from WITF, host Asia Tabb starts conversations about what&rsquo;s happening in the world and at home. Share your ideas at https://witf.org/programs/the-spark.

The Spark

When people come together and talk about really interesting topics, great questions spark better understanding and opportunities for new ideas to form. On The Spark from WITF, host Asia Tabb start the conversations about what’s happening in the world and at home. Share your ideas at https://witf.org/programs/the-spark.

When people come together and talk about really interesting topics, great questions spark better understanding and opportunities for new ideas to form. On The Spark from WITF, host Asia Tabb start the conversations about what&rsquo;s happening in the world and at home. Share your ideas at&nbsp;<a href="https://witf.org/programs/the-spark">https://witf.org/programs/the-spark</a>.