Senior scams are serious business: The average victim loses $120,000, which adds up to an estimated $3 billion in annual losses nationwide. It’s thus a wise investment for financial institutions to do all they can to stop the financial abuse of older persons. Many banks have now introduced software to track suspicious account activity: frequent cash withdrawals, electronic payments to unknown vendors, additions of unfamiliar names to accounts- all send red flags. To read how new technology is able to trap financial scammers, Read This.