Understanding Banking Fraud
When most people think of banking fraud, they think of crimes that are perpetrated against financial institutions, such as schemes to take money from a bank. While this type of bank fraud does exist and is a serious problem, banking fraud can also go the other way too – banks can defraud consumers in damaging ways.
In recent years, as banks have struggled to compete in a time of low interest rates and intense competition, banks have been found to be involved in numerous deceptive practices related to product offerings and sales tactics. Unfortunately, vulnerable older customers who have a strong trust in traditional financial institutions are often the ones to suffer most when banks behave in a dishonest or unethical manner.
If you are the victim of banking fraud of any type, you should reach out to a Marin County financial elder abuse attorney to take action. The attorneys at Evans Law Firm, Inc. have been fighting for seniors for decades to help them recover after being victimized by a financial crime.
With our extensive experience handling financial fraud cases, we can maximize the chances that you’ll be able to make the law work to help you recover your lost funds. To find out more about the assistance we offer in banking fraud causes, give us a call today.
What is Banking Fraud?
Banking fraud can take many different forms, as there are many unethical and even illegal tactics that banks use to take money from unsuspecting seniors or other customers. Examples of banking fraud could include:
- Consumer fraud: Banks could market investments or financial products to seniors that are inappropriate investments for the elderly. Banks may fail to accurately and fully disclose terms, including fees and penalties, associated with the investments.
- Deceptive business practices: Banks have faced serious consequences in recent years for engaging in deceptive practices such as opening false accounts in customer’s names to meet sales quotas.
- Overcharging consumers: Banks frequently maximize the fees they can obtain from accountholders by ordering transactions to maximize overdraft fees. These unethical practices can result in substantial financial loss for seniors.
Unfortunately, elderly Americans can also be targeted in a number of other ways by scammers hoping to commit various types of banking fraud including phishing (trying to obtain bank account passwords and other personal information); identity theft (fraudsters accessing bank accounts without authorization); forged bank documents; and debit card skimming (skimming devices are placed in ATMs to obtain an accountholders information).
All of these different types of scams and schemes can be detrimental to the financial security of seniors who are often on fixed incomes and who depend upon the money in their bank and investment accounts to be safe.
Taking Action After Banking Fraud Occurs
There are legal protections in place for banking fraud victims, but it is imperative that you understand your rights and are proactive about taking action. Evans Law Firm can help, so contact us today to talk with a Marin County financial elder abuse attorney about the assistance we can offer. Call 415-441-8669 as soon as possible to schedule a free initial consultation.