How Redstone Bank Is Fighting Elder Abuse Fraud
Ken Holmes | Assistant Vice President & Retail Banking Manager | Centennial Branch
At Redstone Bank, we believe that protecting our customers goes far beyond managing accounts and processing transactions; it means safeguarding their financial well-being, especially when they’re most vulnerable. One of the fastest-growing threats we face today is elder abuse fraud, and banks are on the front lines of this fight.
What Is Elder Abuse Fraud?
Elder abuse fraud occurs when older adults are financially exploited, often by strangers, but sometimes even by people they know. These scams can be devastating, draining life savings and leaving victims confused, ashamed, and isolated.
The Scams We’re Seeing Most Often
As a community bank, we’ve seen a troubling rise in scams targeting older customers. Some of the most common include:
- Tech Support Scams: Fraudsters impersonate tech companies, convincing seniors to grant remote access to their devices or pay for fake services.
- Romance Scams: Scammers build emotional relationships online, then manipulate victims into sending money.
- Investment Scams: Promises of high returns involving cryptocurrency or fake real estate deals.
The Role of AI in Modern Fraud
What makes these scams even more dangerous today is the use of artificial intelligence:
- AI Chatbots can carry on convincing conversations, making it harder to detect fraud.
- Voice Cloning Technology can mimic the voices of loved ones or trusted professionals, tricking seniors into believing they’re helping someone they care about.
These tools are powerful, and they’re being used to exploit trust and familiarity.
How Redstone Bank Is Responding
We take elder abuse fraud seriously. Here’s how we’re working to protect our customers:
- Employee Training: Our staff is trained to recognize red flags, unusual withdrawals, confused customers, or suspicious third-party involvement, and to act quickly.
- Customer Education: We host workshops and share resources to help seniors and their families understand the risks and how to stay safe.
- Transaction Monitoring: Our systems flag unusual activity, and our team follows up with care and discretion.
“Protecting our seniors isn’t just a responsibility, it’s a promise. At Redstone Bank, we stand guard against fraud with heart, technology, and unwavering commitment.”
What You Can Do
If you’re a caregiver, family member, or senior yourself, here are a few steps you can take:
- Talk About Scams: Open conversations can help reduce shame and encourage reporting.
- Verify Requests: Always double-check before sending money or sharing personal information.
- Use Strong Security Practices: Enable multi-factor authentication and avoid clicking on suspicious links.
- Report Suspicious Activity: If you suspect fraud, contact Redstone Bank immediately. We’re here to help.
At Redstone Bank, we’re committed to protecting our senior customers with compassion, vigilance, and the latest tools. If you have questions or concerns, please reach out to your local branch. We’re more than your bank, we’re your partner in safety.