Kane In Your Corner: How to stop scammers from getting your money

The Consumer Financial Protection Bureau says many banks now allow seniors to pick a trusted contact who the bank can contact in emergency situations.

Walt Kane

Aug 3, 2023, 12:30 PM

Updated 289 days ago

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Seniors are a popular target for scammers. If you or someone you love is a senior, what can you do to stop a scammer from getting at your money? News 12’s Senior Investigative Reporter Walt Kane is In Your Corner with some expert advice.
This week’s Ask Kane In your Corner comes from Annmarie, who writes:
"My mother was being scammed on the phone. She took out $27,000 and someone picked the money up from her house.
My name is on the account, and I’ve done my mom’s banking for the past couple of years. $27,000 is a very suspicious transaction so I’m not sure why the bank wouldn’t have taken the extra step to contact me."
If Annmarie’s mom had been scammed by someone who got hold of her password and withdrew money from her account, she could have filed a fraud complaint with the bank. But unfortunately, she took the money out in cash herself.
Having a joint account with her mom just means either of them could access the money. It doesn’t guarantee that Annmarie would have gotten that phone call.
So, what can you do?
The Consumer Financial Protection Bureau says many banks now allow seniors to pick a trusted contact, like an adult child or close friend, who the bank can contact in emergency situations. That can be if the bank suspects fraud, or if there is a transaction over a certain dollar amount.
It may even be possible to choose a backup contact. So, if the first person is not available, the bank will call the second one. But not all banks do this. Talk to your bank and see if this service is available.
Do you know have a consumer question or know something Kane needs to investigate? Call 732-738-KANE (5263) or email KaneInYourCorner@News12.com.


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