In recognition of Elder Abuse Awareness Month, this month’s CCI IT Update is focusing on strengthening employee awareness of impostor phone scams that frequently target older adults. These scams remain a common method used by fraudsters to obtain sensitive information, gain access to accounts, and facilitate unauthorized transactions.

One common scheme involves a fraudster posing as a representative from a trusted organization, such as a financial institution, the Social Security Administration, the IRS, or a government agency. The fraudster may claim there is an issue with an account, suspicious activity, or an urgent matter requiring immediate action. Victims are often pressured into disclosing sensitive information, purchasing gift cards, or transferring funds to a “safe” account.

Red Flags Bank Staff Should Recognize

• Customers reporting unsolicited calls demanding immediate action.
• Customers indicating caller was pushy, threatening, or intimidating.
• Customer requesting gift cards, prepaid debit cards, cryptocurrency, or wire transfers following a suspicious phone call.
• Customer concerns about caller ID information that appears legitimate but may have been spoofed.
• Customers indicating they were instructed to visit a specific website or grant remote access to a device.

Recommended Employee Actions

• Be alert to customers, particularly older adults, who appear confused, distressed, or under pressure to complete a transaction.
• Ask additional questions when transactions involve unusual withdrawals, wires, or transfers following a phone call or text message.
• Encourage customers to independently verify suspicious communications by contacting the purported organization using a known, trusted phone number.
• Remind customers that legitimate organizations will not request passwords, PINs, or one-time verification codes over the phone.
• Follow your institution’s procedures for escalating concerns about suspected elder financial exploitation and fraud.
• Document and report suspicious activity in accordance with applicable bank policies and regulatory requirements.

Financial institutions play an important role in identifying and preventing elder financial exploitation. Ongoing employee awareness and customer education can help reduce losses and protect vulnerable individuals from fraud.

CCI suggests sharing this update with all bank-wide employees to raise awareness and educate. Please contact CCI with any questions via inquiries@completecompli.com.