A Rhode Island woman narrowly avoided losing her savings to a scammer thanks to bank employees who recognized suspicious activity and halted the transaction. This highlights the growing role of financial institutions in protecting older adults from fraud, as they are often targeted by sophisticated scams. Banks are increasingly implementing measures like requiring trusted contacts for accounts and pausing transactions when fraud is suspected. However, new technologies like AI voice cloning pose ongoing challenges. Despite these efforts, some losses still occur due to cognitive decline or poor decision-making. Legislation aimed at better protecting seniors from scams is advancing in Congress.
Read the full article at KFF Health News
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