Silver Miller is ever-vigilant against elder fraud and passionately upholds elder abuse laws to protect vulnerable adults. In our efforts to unwind the harm wrongfully inflicted upon victimized seniors, we explore claims against all potentially culpable parties, including not just the scammers but also the financial institutions who improperly authorized, and the cryptocurrency exchanges that received, any of the transferred funds.
Banks and other financial institutions have mechanisms in place to closely scrutinize circumstances that amount to elder financial abuse, though those mechanisms oftentimes break down or are outright ignored. Among the hallmarks of such scams committed upon senior citizens that banks should, but many times do not, prevent are:
- Atypical transactions in the senior citizens bank account that are wildly uncharacteristic of the person’s banking history.
- Wire transfer requests in large amounts from banking customers who have never made wire transfers before.
- Multiple wire transfer requests over a compressed time frame.
- Wire transfer requests amounting to the entirety of a bank customer’s account holdings without explanation.
- Wire transfers to cryptocurrency exchanges with whom the elder bank customer has never transacted before.
- Transfers to overseas recipients with whom the transferring senior citizen can explain no rational relationship.
