A Memphis woman, aged 89, is pursuing legal action against Regions Bank after alleging that bank staff allowed her to transfer $120,000 to accounts in Hong Kong, falling victim to a scam.
Her son, Jeff Rosenblum, an attorney, asserts that financial institutions are obligated by law to suspend transactions if fraud is suspected. In November 2022, the woman received a computer message claiming her device had been hacked, leading a fraudster to convince her to urgently wire transfer her funds to purportedly secure accounts in Hong Kong.
Emphasizing the vulnerability of elderly individuals, Jeff Rosenblum underscores the responsibility of financial institutions to exercise common sense and employ available tools to protect clients.
The lawsuit criticizes Regions Bank staff for not flagging the unusual actions of an elderly customer unfamiliar with wiring money. It contends that the Regions security officer should have been aware of fraudulent schemes targeting the elderly but failed to take preventive measures.
The lawsuit unfolds against a backdrop of increasing senior scams, with over 88,000 seniors losing an estimated $3.1 billion to fraud in 2022—a staggering 84% increase from the previous year, according to the FBI. Daniel Irwin, a spokesperson for the Better Business Bureau of the Mid-South, urges vigilance across all age groups, advising against engaging with unsolicited messages, calls, or emails.
Irwin emphasizes the importance of recognizing red flags, such as unsolicited communication, and recommends promptly ending unexpected interactions or searching for verified contact information if doubts arise.
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