Bank of Canton Hosts Massachusetts Bankers Association Training Session

Shown above (l-r): Stephen P. Costello, president and CEO of Bank of Canton and Norfolk County District Attorney Michael W. Morrissey.

March 7, 2011 –The Bank of Canton recently hosted a Massachusetts Bankers Association (MBA) training session on preventing financial exploitation of the elderly. The session was held at the bank’s corporate headquarters in Canton in conjunction with the Executive Office of Elder Affairs and the Office of the Attorney General.

"The purpose of the session was to educate and train bank personnel to recognize and prevent elder financial abuse. Bank personnel also received instruction on the reporting options available to financial institutions if they witness financial abuse in accord with the Massachusetts Bank Reporting Project. Since the project was initiated 15 years ago, it has become a national model.

“Each year, more senior citizens fall victim to financial abuse at the hands of con artists, bogus charities, unscrupulous contractors, and even abusive family members or acquaintances,” said Stephen P. Costello, president and CEO of Bank of Canton. “Bank of Canton was proud to welcome the Massachusetts Bankers Association and the Norfolk County District Attorney, Michael W. Morrissey, for this important training seminar as community bankers and law enforcement work together to prevent exploitation of our senior citizens.”

“The Massachusetts Bankers Association and the Bank Reporting Project are providing an important service that benefits elderly bank customers,” said Kevin Kiley, chief operating officer of the MBA. “Given the current economy and high unemployment levels, the number and range of financial scams seem to be increasing every day. Elderly citizens are among the most vulnerable to financial scammers and training bank staff to spot and report problems, as well as to educate their own customers, is a high priority and an important part of preventing fraud.”

To receive information about the financial exploitation of the elderly, or to report problems, consumers are encouraged to talk to local bank staff where they believe fraud may be occurring. Questions can also be answered by contacting the Executive Office of Elder Affairs at 1-800-922-2275, or the Office of the Attorney General at (617) 727-2200. To report elder abuse, call the Elder Abuse Hotline at 1-800-922-2275.