ABA Banking Journal - January/February 2016 - (Page 36)
> PROTECTING OLDER AMERICANS
Bankers are leading the way in protecting
older Americans from fraud and financial abuse.
BY KARI BARBIC
n the time it takes to read to the bottom of this page,
another older American will have become the victim of
financial abuse. To thousands of bankers across the
country, these victims aren't just statistics: they are
customers. They are members of communities who
bankers know by name.
"These fraudsters aren't just robbing customers," says Corey
Carlisle, the ABA Foundation's executive director. "They're
robbing from the bank."
Changing the game
With new scams and fraud
techniques cropping up all the
time and one of the largest
generations booming into
retirement, banks are
changing their game plan
to protect their customers
and their assets. While
banks have long been
on the lookout for
fraud against their
customers, many find
that simply following
procedures is no
Banks need to
provide the right
set of tools to
to stay steps ahead
ABA BANKING JOURNAL | JANUARY/FEBRUARY 2016
For F. Scott Dueser, president and CEO of First Financial
Bank in Abilene, Texas, this truth hit home with a call from
a customer whose mother had been cheated of $40,000-
her entire life savings. "When I looked back over the
records, our bank employees had followed all the regulatory
procedures, but that wasn't enough. We hadn't gone the
extra mile," Dueser says.
From that point, First Financial started developing a new
program to train all 1,300 of its employees to spot fraud and
to know what steps to take to stop it.
"If we can stop fraud the moment a bad check comes
across one of our teller's counters, we can save our
customers and stop the fraudsters right in their tracks,"
And that's just what First Financial has been doing with its
FraudBusters program. The bank's employees work closely
with their local police departments, and they're seeing that
when they work together, they can succeed.
For First Financial, relationships are critical to fraudbusting: Tellers who know their customers can sense when
something is off. Dueser tells the story of a teller who paused
on a check signature when it didn't look quite right. The
check bore the husband's signature, but the teller knew
that his wife usually handled the finances. After confirming
that the signature was in fact a fake, the teller called up the
customer immediately and discovered that her checkbook
had been stolen.
The police were called in and the fraudster was arrested
right there at the bank. This is but one of dozens of arrests
Table of Contents for the Digital Edition of ABA Banking Journal - January/February 2016
Cover Story: Train To Your Advantage
Filling The Trust Gap
Banking In The Sweet Spot
Safe Banking, Savvy Seniors
ABA Compliance Center Inbox
From The States
Corporate Social Responsibility
Index of Advertisers
ABA Banking Journal - January/February 2016
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