Amboy Bank News

Department of Justice Increases Focus on Protecting Seniors

The Department of Justice (DOJ) announced it is ramping up efforts to protect seniors, adding 14 U.S. attorney’s offices to a multiagency task force, the Transnational Elder Fraud Strike Force, focused on fighting foreign-based fraud schemes targeting older Americans.

The Treasury Department’s Financial Crimes Enforcement Network published an alert in June, warning financial institutions of the increase in senior financial fraud and urging suspicious activity to be closely monitored. At Amboy Bank, we have been proactively guarding our senior customers from instances of fraud by implementing safeguards and alerts, as well as regularly holding senior fairs and events that include sessions on our security programs and further educating our seniors on helpful tips and safe practices.

Some common transnational criminal groups employ schemes known as grandparents scam, where a caller impersonates a grandchild claiming to be in trouble and requiring urgent access to money. It can be extremely difficult, once an elder abuse scheme has resulted in financial losses, to recover the funds, however the Justice Department said it is increasing its efforts to compensate seniors that have become scam victims.

Please continue to check our Security Center for updates and tips, and if you experience any security related activity with any of your Amboy Bank accounts, please contact us immediately at 877-222-6269 or reportfraud@amboybank.com.