The "Bank Safe" Guide: How to Stop Fraud Before Money Leaves the Account

Anatomy of the scam: What to watch for

To stop a scam, you must recognize the psychological manipulation used by criminals. In this case, the scammer used three specific tactics:

• Impersonation of authority: The criminal claimed to be from the "Federal Trade Commission" regarding a compromised Social Security number.
• The "recruitment" script: Instead of just threatening the victim, they asked for her "help" to catch a criminal (allegedly a bank employee). This preyed on her sense of civic duty and desire to do the right thing.
• Isolation: The victim was told not to speak to family or bank staff because "it might break the investigation." This prevented her from getting a reality check.

The critical red flags

Whether you are a family member, a bank teller, or a cashier, look for these specific warning signs:

• The "phone tether": Criminals often insist the victim keep them on the line during the entire transaction (driving to the bank, waiting in line). If someone is glued to their phone while making a large withdrawal, it is a major red flag.
• Behavioral changes: Look for nervousness, secrecy, or avoiding eye contact. In this case, the victim looked "physically ill," "disheveled," and uncharacteristically unkempt.
• The "handler" effect: If a third party is doing all the talking or appears to be coaching the victim (even over the phone), stop the transaction.
• Transaction anomalies: Be alert for wires, gift card purchases, cryptocurrency withdrawals, or immediate transfers to new recipients that do not fit the person's financial history.

The Trusted Contact: A vital safety tool

One of the most actionable pieces of advice is utilizing a Trusted Contact Form.

• What it is: A document filed with your bank that authorizes them to contact a specific person (friend, sibling, child) if they suspect financial exploitation or cognitive decline.
• Why it helps: It allows the bank to alert a loved one without giving that person full access or joint ownership of the account. It is less invasive than a joint account but offers similar protection.
• Action step: Ask your financial institution today about filling out a trusted contact form.

The "Bank Safe" approach: Empowering intervention

The victim didn't lose her money because bank employees were trained not just to file reports, but to intervene. This is based on the AARP "Bank Safe" training program.

• See something, say something: Tellers are trained to ask questions like "What is this money for?" even if it feels intrusive. In this story, employees at three different branches refused to process the transaction because the answers didn't add up.
• Slow it down: Scammers rely on speed. The most effective counter-tactic is pausing the transaction. A delay allows the victim time to think or for family to intervene.
• Cross-branch communication: The bank employees communicated with each other. When the victim went to a different branch, that branch was already alerted to the suspicious activity.

Summary checklist for families

• Communicate: Discuss finances regularly. In this case, the victim's children tracked her location and knew her routine (like Friday lunches), which helped them realize something was wrong immediately.
• Establish connections: If you live in a small community, introduce yourself to your parents' bankers. The victim's son was known to the bank manager, which facilitated immediate communication.
• Trust your gut: If a transaction feels wrong, or if a teller asks you to pause, listen. Research shows that customers actually appreciate banks looking out for them, even if it causes a slight delay.