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ABA Banking Journal Podcast

Oct 20, 2022

Grandparent scams are a particularly pernicious fraud — one that preys on seniors’ love, care and concern for their family members. How can banks recognize these scams and work with law enforcement to protect clients? On the latest episode of the ABA Banking Journal Podcast — sponsored by SmartStream — Jackie Blaesi-Freed and Lauren Elfner of the Justice Department’s Consumer Protection Branch discuss:

  • DOJ’s expanded Transnational Elder Fraud Strike Force to tackle elder fraud attempts that usually come from overseas.
  • Recent DOJ enforcement actions relating to grandparent scams, including sentencing in a racketeering scheme.
  • Current trends and typologies in grandparent scams, including how they intersect with impostor scams.
  • Red flags for bank employees when they might encounter a grandparent scam in progress.
  • SAR filing, relationship-building and other partnerships between banks and law enforcement.

Learn more: Access resources to protect seniors through the ABA Foundation’s Safe Banking for Seniors program.