See What One Bank is Doing to Protect Its Senior Customers from Scams
Scam artists continue to target older Americans, and now one bank in Washington State is stepping in to educate its senior customers on how to protect themselves from fraud.
According to an article in the Spokane Journal, the branch manager of the Manito branch location of Washington Trust Bank started the program to educate senior citizens about scams targeting their demographic after a few customers fell victim to fraud. The Senior Fraud Awareness workshop series visits senior living communities in the area with plans to expand to assisted living facilities.
The article cited statistics from the Federal Trade Commission, the government agency that protects consumers, that older adults reported losing over $1.9 billion due to fraud in 2023, but the actual figure could be as high as $61.5 billion because most fraud is not reported, especially by victims over the age of 60.
The Seniors Trust is committed to helping protect Social Security, and that includes providing important information to seniors on how to prevent fraud. We also want to see Congress pass the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.
