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 “Safeguarding our Community from Fraud,” featured Penn Community Bank’s 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; and Nicolette Brown, PECO Director of Customer Care.

Taking place during National Consumer Protection Week, the forum brought attention to threats to consumers’ rights, how individuals and businesses can avoid falling prey to fraudulent activity, and what policymakers can do to better support personal data protection efforts.

“Victims of fraud not only suffer financial harm but also endure emotional distress, facing the loss of their savings, homes, and dignity,” said Vidoni in her testimony. “Increasingly, the impact extends to family caregivers and taxpayers who shoulder additional burdens to support financially devastated victims. As our nation and our communities undergo a demographic shift, with more seniors than children projected within the next decade, the urgency to address elder financial exploitation grows.”

Vidoni highlighted the PA Bankers Association’s effort to spearhead the development of free tools and resources aimed at educating and increasing awareness about elder financial exploitation, 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).

“Representative Hogan’s proposal would authorize banks to temporarily halt suspicious transactions for further investigation and participate in legal proceedings to safeguard older adult customers’ accounts in rare cases,” said Vidoni. “Such legislation equips banks with more proactive tools to protect our senior communities.”

“Keeping our community safe is a top priority for me,” said Rep. Joe Hogan, who hosted the hearing in his Lower Bucks County-based district. “Educating 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.”

Watch the complete hearing and learn more 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.