FEASTERVILLE, Pa (March 2024) โ Leaders from Penn Community Bank, the largest independent mutual bank in eastern Pennsylvania, joined state lawmakers and area business and government officials at a hearing last week focused on addressing the rising level of fraud impacting area residents. The hearing, entitled โSafeguarding our Community from Fraud,โ featured Penn Community Bankโs Jeane Vidoni, President and CEO, and Rick Cimakasky, Director of Fraud and Security Management as expert witnesses. Also testifying were Fred Harran, Bucks County Sheriff; Jennifer Schorn, Bucks County District Attorney; Nicolette Brown, PECO Director of Customer Care.
Taking place during National Consumer Protection Week, the forum brough brought attention to threats to consumersโ rights, how individuals and businesses can avoid falling prey to fraudulent activity, and what policymakers can do to better support personal data protection efforts.
โVictims of fraud not only suffer financial harm but also endure emotional distress, facing the loss of their savings, homes, and dignity. Increasingly, the impact extends to family caregivers and taxpayers who shoulder additional burdens to support financially devastated victims,โ said Vidoni in her testimony. โAs our nation and our communities undergoes a demographic shift, with more seniors than children projected within the next decade, the urgency to address elder financial exploitation grows.โ
Vidoni highlighted the PA Bankers Associationโs effort to spearheaded the development of free tools and resources aimed at educating and increasing awareness about elder financial exploitation โ specifically the Safe Banking for Seniors program. This initiative offers comprehensive materials for conducting in-person or virtual workshops, leveraging social media platforms, and engaging in one-on-one conversations to educate communities about scams and financial protection. Other areas of industry leadership include increased collaboration with federal agencies, like the Federal Trade Commission (FTC), and the anti-phishing campaign on BanksNeverAskThat.com which provides real-world tips for consumers to identify and avoid falling victim to phishing attempts.
Beyond financial service efforts, Vidoni and PA Bankers called on Harrisburg for increased legislative solutions, including establishing a clear legal framework for banks to report to protective services and notify a contact associated with the older adult for assistance (when available).
โRepresentative Hoganโs proposal would authorize banks to temporarily halt suspicious transactions for further investigation and participate in legal proceedings to safeguard older adult customersโ accounts in rare cases. Such legislation equips banks with more proactive tools to protect our senior communities,โ added Vidoni.
โKeeping our community safe is a top priority for me,โ said Rep. Joe Hogan, who hosted the hearing in his Lower Bucks County-based district. โEducating consumers about fraud is key to protecting them from falling victim to scams. We are grateful to our law enforcement for holding these criminals accountable and leaders in the community, such as PECO and Penn Community Bank, who are taking great strides to protect consumers.โ
To watch the complete hearing, click here.
About Penn Community Bank: Penn Community Bank holds more than $2.7 billion in assets, employs more than 300 people, and offers banking and lending services at financial centers throughout Bucks and Montgomery counties, Pennsylvania. As an independent, mutual financial institution, Penn Community Bank is not publicly traded and operates with its long-term mission in mind: to help businesses grow and prosper, to provide financial resources to individuals and families throughout their lifetimes, to strengthen the local economy, and to partner with local organizations to act as a catalyst for positive growth in every market it serves.
