Baltimore-area banks could do more to help prevent financial fraud targeting older adults, according to a report to be released Tuesday by the Maryland Consumer Rights Coalition.The consumer advocacy group graded 10 of the region’s largest banks on their accessibility and the types of products they tailor to seniors. It only included the top 10 banks by market share in Baltimore and Baltimore County.Among those banks, M&T Bank had the highest overall grade — a B — while BB&T had the lowest overall grade — a C.Despite a 2012 state law requiring that banks report suspected fraud targeting seniors to state regulators, only four of the 10 banks responded to the survey question about their fraud prevention programs. Those four reported they had at least annual training for employees in detecting fraud.Older Americans lose $2.9 billion a year to fraud, according to a 2011 study by the MetLife Mature Market Institute in collaboration with the National Committee for the Prevention of Elder Abuse and the Center for Gerontology at Virginia Tech. Another report, by financial firm True Link this year, pegged that number much higher, at $36.48 billion.”The laws require them to play some role” in detecting fraud, said Marceline… Read full this story
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