Thanks to Ken Palla for sharing this reminder that federal regulators understand financial institution's role in protecting investors from romance scams, one of the most insidious frauds against older adults.
U.S. FinCEN statement supports CFTC push to thwart relationship investment scams, highlights past guidance Published Brett Wolf just published his assessment on the new FinCEN statement on investment scams. This is important for all FIs. Brett talked with me about this and you can see my thoughts in this article. Bottomline, time for FIs to take serious action on this starting now to help stop consumer financial scams. The American consumer is crying for help. If you are an exec at a bank or credit union, just listen to one recorded call from your customer on a romance or investment scams request for funds recovery. Debbie Fox Debbie Deem Erin West PJ Rohall Hailey Windham, CFCS Ken Westbrook Peter Tapling, APRP Ken Musante American Bankers Association Bank Policy Institute