Wells Fargo Aims To Solve Rise In Elder Financial Abuse
PHILADELPHIA (CBS) -- Wells Fargo launched a cross-country bus tour in Center City Philadelphia on Tuesday. The goal is to raise awareness about the rise in elderly financial abuse.
Ron Long, Wells Fargo's Director of Elder Client Initiatives, says the banking company is concerned about an increase in the number of cases of senior citizen customers who are essentially trusting people which lowers their guard and makes them prime prey.
Long adds that it is family members who are the biggest perpetrators.
"Some are daughters or sons who don't want to let nature take its course and want to get money ahead of time," Long explained. "Others are in tight financial fixes and know that their elder has a source of funds to take advantage of."
Long also explained that investigators have found some contract caregivers are also involved.
"Convince the elderly to put in a power of attorney and naming that person as agent and then that person, rather than using the money for the benefit of the elderly client, takes advantage and uses it for themselves."
Long says the cross-country bus tour is designed to raise awareness and to get people to sign a pledge to look after their elderly friends and neighbors who could be targets.
He says Wells Fargo's fraud division is also working closely with law enforcement and senior citizen organizations to try to protect its customers from becoming victims.
