Elder Abuse and Wires - Payments Space

Banks Fight Back Against ‘Fake Grandchild’ Scammers Who Target Seniors

PYMNTS

JANUARY 25, 2019

Victims can end up wiring money to the scammers as a result.”. Indeed, the Journal relates an anecdote about bank employees in Connecticut who were asked by a customer “in her late ‘70s” to “wire $30,000 to her grandson. All of this is said without providing too many details. Bank Defense.

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Step Aside, Millennials — Why Fintechs Are Targeting Baby Boomers & Retirees

CB Insights

JULY 25, 2019

The goal is to help a parent or grandparent independently make purchases for essentials like food, medications, and entertainment, while blocking transactions that are more likely to be linked to fraud, such as wire transfers, over-the-phone purchases, and international charges. . Source: True Link Financial.

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Banks Fight Back Against ‘Fake Grandchild’ Scammers Who Target Seniors

Step Aside, Millennials — Why Fintechs Are Targeting Baby Boomers & Retirees

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