Retiree who lost close to $650K in fraud scheme sues credit union and bank

[Born_To_Lose]

The U.S. District Court for Eastern Virginia recently ruled that if the depositor does not have an express agreement on file with the banking institution, the depository bank has no duty to second guess or reject an elder’s customer’s payment order. Most courts here in the U.S. have taken a step back from rejecting payment transfers from elders.

Many banking institutions have taken it upon themselves to teach elder depositors on how to spot scams and highly recommend nameing a person that the bank may alert when large withdrawals or transfers are requested by elder depositors. That person would not have exclusive rights to release the funds, but would act as a third party. This would allow time for the three parties to meet and determine if the transfer will be executed.

Personally, I have known banks to offer to return some part of the stolen money, but will not accept responsibility. This seldom happens, but it does happen occasionally.

 

[Trade]

By the time one reaches old age you would think they would have had enough life experiance to recognize a scam better than someone younger. Unless of course dementia has set it.

 

[StarSong]

By the time one reaches old age you would think they would have had enough life experience to recognize a scam better than someone younger. Unless of course dementia has set it.

Yeah, this seems like it should be true. Unfortunately, dementia is typically a process of gradual cognitive erosion rather than a noticeable drop from one day to the next.

Also, humans are evolutionarily designed to trust each other and work cooperatively because it dramatically improved our survival odds - so we need to be repeatedly cautioned to be wary. Also to have guardrails set in place that will protect the vulnerable from those who use our instincts against us.

I don't kid myself into imagining I could never be scammed. These creeps come up with new lines of attack every day.