How Can We Minimize Scams Targeting the Elderly?
By Tobias Carroll
Connolly points to a few areas that have allowed financial scams to play out — including the abuse of gift cards and wire transfer fraud. By way of comparison, she discusses reforms to the broker-dealer industry, including “allowing trained employees to temporarily freeze suspicious transactions and, if appropriate, investigate or report them” — and argues that banks would benefit from taking similar steps.Chatty cashiers beat self-checkouts any day of the weekConnolly notes that there isn’t one simple fix for the problem she’s looking to solve; both fraud protection services and research into the best ways to alleviate loneliness also factor into her recommendations. One gets the sense that if even a fraction of these suggestions were implemented, it could make a big difference for many older Americans’ financial and mental health.Thanks for reading InsideHook. Sign up for our daily newsletter and be in the know.
Scams targeting seniors and how they play out
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