Old National Bank has developed and offers the Money Safety for Seniors course to fight against the financial exploitation of seniors. Old National Operational Risk Director, Sherry Meeks, discusses how our associates helped clients detect and overcome financial fraud.
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Learn how to detect, protect against and report the financial exploitation of seniors. Old National offers this course to community groups at no cost.
As your financial partner, Old National is committed to protecting the security of your accounts and personal information while delivering a convenient banking experience.
Throughout the years the exploitation of seniors has become a growing concern, which led Old National to develop the Money Safety for Seniors program. Our hope is to teach the communities we serve warning signs and actions steps if they encounter elder financial abuse. Unfortunately, we have a front row seat to witness this abuse in action but that puts us in a unique position to help. Here are some way Old National associates have recognized suspicious activity and helped ensure the safety of client accounts.
An electronic charge for over $10,000 was posted to a client's account, the transaction was returned due to insufficient funds. The Old National Banking Center associate noticed the name listed on the transaction did not match the name on the Old National Bank client account. The associate spoke with the client, who said they did not authorize the transaction. They did however say they provided a newly discovered family member of California their bank routing number and account numbers so funds could be wired from the sale of a family business. This was believed to be an inheritance scam. The Old National Associate took appropriate measures to protect the client account from additional unauthorized transactions.
In another incident, a client reported that they had met someone at church who claimed to be in the manufacturing and fashion design industry. The fashion designer told the client she was working on $3 million project and was about $56,000 short of being able to finish. She indicated if the client would cover the shortage, she would return the investment plus, a significant bonus in the half million dollar range. Doesn't this sound too good to be true? Well it was. The client initially sent a small amount of money but the Banking Center associate identified the unusual transaction and discussed it with the client who decided not to send any more money, saving them thousands of dollars.
These are just a couple of example with stories we see in here every day. Fortunately, there are actions to take if you believe you or a loved one has become a victim of financial fraud. The Old National Money Safety for Seniors hotline is available for everyone. We will assist with action steps to protect your account and help you report the incident to local law enforcement. For helpful tips, fraud related stories, or to schedule a Money Safety for Seniors seminar for your group or organization please visit us online.
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