Banks Urged to ‘Shift Left’ to Fight Elder Fraud

Elder financial fraud is a growing crisis, with U.S. seniors losing nearly $5 billion in 2024 alone—and likely far more due to underreporting.

Banks often detect scams too late, at the moment money is about to leave an account, when intervention is hardest. As scams become more sophisticated and psychologically manipulative, traditional fraud detection is no longer enough.

To better protect vulnerable customers, financial institutions must shift toward earlier, more proactive intervention—leveraging collaboration, AI, and customer education to stop scams before losses occur.

CPG’s Rolland Johannsen is featured in this American Banker article.