Adams Community Bank Announces Partnership with Financial Safety Platform
Carefull Director of Customer Success Laura Mohan explains how the platform works and goes over some facts.
The announcement was made to stakeholders on Tuesday at the Berkshire Innovation Center.
"As all of you know, fraud becomes an increasing issue for everyone, not just for older people, but for everyone," said bank President and CEO Julie Fallon Hughes. "The schemes become more complex, and anyone can be a victim.
"So as a community bank, we really take not just protecting our customers financial success, but enhancing that very seriously, that's a priority for us."
Adams Community Bank invited bank members to Tuesday's event to learn how to take action in the case of fraud and to educate them on aspects of Carefull.
Laura Mohan, director of customer success at Carefull, said the platform will monitor customer usage and alert them to atypical actions with accounts or spending habits.
Carefull's platform will help bank customers monitor their accounts for signs of financial exploitation, including complicated emotional manipulation schemes like romance scams. The Carefull platform uses artificial intelligence technology to detect unusual activity and patterns of behavior, including duplicate payments, late or missed deposits, and actions that may indicate cognitive decline.
Mohan brought up the fake accounts used by scammers that targeted victims and people donating after last month's devastating Texas floods.
"It's fraud. It's not real, and it's so sad, so Carefull is here to step in and help identify those ahead of time, so that we can make sure that your money is going to exactly what you want it to," Mohan said.
According to the Federal Trade Commission, consumers lost $12.5 billion to fraud in 2024, up 24 percent over the previous year. The highest percentage of losses was to investment and imposter scams, and online shopping. In Massachusetts last year, total losses reported were north of $85 million. The top fraud categories were business imposters and government imposters. The average losses was highest for those ages 70 to 79 at $1,284.
Carefull has been around since 2020. Mohan introduced the platforms "Legacy Kit" which is launching this week so customers can prepare and secure their financial assets in case of medical events or death.
"The vault is a very secure tool that is stored on Carefull and you can keep all your things in one place, and you can identify who should have access to it should anything happen to you," Mohan said. "That way, if something does happen to you or to whoever is using the vault and the legacy kit, those things can be addressed very quickly and in a very sensitive time of life."
Carefull not only monitors accounts financially but also has resources to educate people on recent scams — you can upload an image or screenshot or text of a potential scam and the platform recommend if you should proceed with caution or report. It also offers asset protections.
"It's not just financial monitoring, it's a holistic whole platform that protects every asset that you have, including your identity," said Mohan. "So with identity protection, we also have $1 million of identity theft insurance. So with Carefull if you have fallen victim to a fraud or a scam that is identity-theft related, you'll be covered up to a million dollars."
Adams Community Bank has been working with Carefull for around eight months to bring this to customers.
Hughes says it's important to help customers and keep them safe.
"Every bank sees fraud day to day. We see it impact customers more and more," she said. "As the community bank, it's really important to us to how customers get in front of risk and help them feel more confident and secure."
Carefull will be offered to every Adams Community Bank deposit member. If anyone with questions can reach out to your local branch to help you navigate the new platform. Customers can also go to website here or call 413-743-0001.
Tags: banking, fraud, online,
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