Wisconsin Banker January | February 2026
Founded 1892
Wisconsin Bankers Unite to Protect Aging Population from Fraud By Elizabeth Fenton In small-town Wisconsin, a woman quietly withdrew more than $140,000 — money she believed would prevent legal trouble and protect her family. Across the state, a widower spent months wiring money to someone he thought cared about him. These scammers used social engineering in different ways, yet both roads led to the same devastating end: the loss of hundreds of thousands of dollars that were impossible to recover. These stories are not one-off tragedies — they’re happening to our own grandparents, neighbors, and bank customers. Financial exploitation targeting older adults is accelerating across Wisconsin, and the strategies behind these schemes are becoming increasingly sophisticated and emotionally manipulative. Bad actors weaponize romance and crypto kiosks to swindle funds from unsuspecting and well-intentioned elderly people — and banks around the state often serve as the final line of defense between older customers and devastating financial loss. Policymakers and financial institutions alike are committed to identifying these ever-evolving crime patterns by establishing stronger frameworks to reduce harm and empower frontline staff to intervene when they suspect fraud is afoot. Members across our industry have followed with interest the work of the Speaker’s Task Force on Elder Services — a group consisting of people from both sides of the aisle. The Task Force seeks to identify vulnerabilities facing older Wisconsin residents, particularly in areas regarding safety, financial exploitation, housing, and access to services. Several months of hearings are complete and new legislation is slated for 2026 — so banks may soon see policy changes affecting how crooked transactions involving seniors are handled. An Urgent Need for Intervention Representative Pat Snyder, chairman of the Task Force and legislator for Wisconsin’s 85th Assembly District, recounted a wave of alarming reports from local law enforcement regarding staggeringly-high-dollar loss cases among seniors. Crypto kiosks — machines allowing cash to be converted into digital currency — were repeatedly cited as enabling fraud situations that banks could not stop once a customer had withdrawn funds from their account. “When someone receives a text saying they’ve missed jury duty
and will be arrested unless they pay immediately, they panic,” Snyder explained. “People walk into their bank, withdraw $5,000 or $10,000, and then go straight to a kiosk to deposit it — sometimes while still on the phone with the scammer.” What’s worse: These victims rarely disclose the situation to their family members. Pride and embarrassment often bar these older adults from admitting a fraudster manipulated them, even when bank employees or law enforcement finally intervene. These fraud situations have devastating impacts that extend far beyond the financial. “In some cases, we’re seeing people withdraw life savings, then experience shame so severe that it affects their mental and physical health,” Snyder shared. By 2035, Snyder said, Wisconsin will have more residents over the age of 65 than under 18. These patterns — paired with our state’s aging population — contribute to a significant need to create safeguards for seniors. Legislation in the Pipeline The Task Force has held hearings in Madison, Wausau, and LaCrosse, with plans to conclude its work in early 2026. Snyder anticipates recommending five or six legislative bills focusing on both physical safety and financial protection of elders. One priority under consideration involves granting banks greater authority to place temporary holds on large or unusual transactions involving vulnerable adults. “We’re not talking about stopping everyday activity,” Snyder explained. “But when a customer suddenly requests thousands of dollars while on the phone with someone telling them what to say, we need a way to pause that money from going out the door.” Solutions being explored include: • A mandatory hold period when transactions significantly deviate from a customer’s normal pattern • Formal guidelines protecting banks when intervening • Coordination with law enforcement and social services during active fraud attempts Other potential proposals may address: • Daily caps on cryptocurrency kiosk transactions • Requirements for convenience store operators hosting the machines
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Inside this issue. . . WBF Excellence in Financial Education Awards . . . pg. 9 Wisconsin Economic Report . . . . . . . . . . . . . . . . . . . . . pg. 17 The Stock Market Game . . . . . . . . . . . . . . . pg. 28 Community Advocate Spotlight . . . . . . . . . . . . . . . . . . . pg. 30
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