ABA Statement for the Record: "Stopping Senior Scams: Empowering Communities to Fight Fraud."

Chairman Casey, Ranking Member Scott, and distinguished Members of the Committee, the American Bankers Association1 (ABA) appreciates the opportunity to submit a statement for the record regarding the hearing titled, “Stopping Senior Scams: Empowering Communities to Fight Fraud.”

Over the past several years, there has been an increasing trend in criminal activity targeting America’s seniors. With the onset of the COVID-19 pandemic, financial fraud became more pronounced as a result of isolation from lockdowns and social distancing. Scammers capitalized on societal disruptions and are using a variety of tactics to manipulate and victimize seniors. They may go door-to-door or utilize social engineering techniques, phone calls, texts, emails, social media, and other approaches to steal seniors’ financial assets and identities.

Given the circumstances seniors are facing, ABA, its non-profit foundation, and the banking industry are expanding their commitment to protecting America’s elders and are taking specific steps to combat elder financial exploitation.

Download the statement to read the full text.