Penn Community Bank officer urges Pennsylvania to strengthen elder fraud prevention legislation

The Aging & Older Adult Services and Commerce Committee meeting held on June 10, 2025, in Pennsylvania focused on the pressing issue of elder fraud and the need for enhanced protective measures for older residents. The session featured testimony from a former FBI agent and current fraud security officer at Penn Community Bank, who emphasized the devastating impact of financial scams targeting seniors.

The speaker, who has extensive experience in investigating elder fraud, highlighted the sophisticated techniques used by criminal organizations to exploit vulnerable individuals. He noted that many scams involve fictitious lotteries, fake romances, and impersonation of authority figures, often linked to foreign countries with which the U.S. lacks legal cooperation for investigations. This complicates recovery efforts for victims, leaving many without support after falling prey to fraud.

A significant point raised during the meeting was the necessity for financial institutions to act swiftly when fraud is detected. The speaker argued that current regulations hinder banks and credit unions from intervening effectively at the moment fraud is identified. He called for legislative changes that would empower these institutions to take decisive action without fear of penalties, thereby protecting older Pennsylvanians from substantial financial losses.

The testimony underscored the importance of education for both consumers and investigators in preventing fraud. The speaker noted that while organizations like the FBI and AARP are making strides in raising awareness, immediate intervention is crucial to mitigate losses. He shared personal accounts of the emotional and financial devastation experienced by victims, including loss of life savings and strained family relationships.

In conclusion, the committee's discussions highlighted the urgent need for legislative support to enhance the capabilities of financial institutions in combating elder fraud. The proposed changes aim to provide banks with the necessary tools to protect older adults and reduce the incidence of financial exploitation in Pennsylvania.