Adams Community Bank Enhances Security Through New Partnership
Pittsfield, Massachusetts – Adams Community Bank has announced a collaboration with the Financial Safety Platform, aiming to bolster security for its customers.
The partnership was revealed during a meeting at the Berkshire Innovation Centre on Tuesday.
Julie Fallon Hughes, the bank’s president and CEO, emphasized the growing concerns around fraud, mentioning that it is becoming an issue not just for seniors, but for everyone. “Fraud schemes are increasingly complex, and anyone can fall victim,” she noted.
Hughes further expressed the bank’s commitment to not just safeguarding client finances, but actively enhancing their financial wellbeing. “This is a priority for us,” she said.
On the same day, Adams Community Bank hosted an event to inform members about protective measures against fraud, focusing on educating them about the features of Celightl.
Laura Mohan, the director of customer success at Celightl, explained how the platform monitors customer account usage and alerts them to unusual activity based on spending patterns.
Celightl aims to help bank customers watch for signs of financial exploitation, including tactics like emotional manipulation, often seen in romance scams. The platform uses artificial intelligence to identify abnormal behaviors, such as duplicate payments or unusual deposit activity that might suggest cognitive issues.
Mohan cautioned about the reality of scams, stating, “It’s not real and it’s important to help people recognize these deceitful schemes early on.” She stressed the importance of ensuring that customers’ money is used as intended.
Statistics from the Federal Trade Commission highlighted that consumers experienced a loss of $12.5 billion due to scams in 2024, marking a 24% increase from the previous year. Investment scams and online shopping frauds accounted for the highest losses, with Massachusetts reporting over $85 million in total fraud losses. Victims aged 70 to 79 saw the greatest average loss, estimated at $1,284.
Celightl has been operational since 2020, and Mohan mentioned an upcoming feature called the “Legacy Kit,” launching this week, designed to help customers manage and secure their financial assets in case of serious medical issues or death.
“The Vault is a secure tool that allows storage of important information all in one place, while controlling access,” Mohan said. She added that this system could simplify matters during sensitive times.
Additionally, customers have the resources to not only monitor their finances but also receive education on the latest scams. They can upload images or screenshots of potential scam communications for analysis. The platform also focuses on asset protection.
Mohan highlighted that their services extend beyond mere financial oversight, offering identity protection alongside $1 million in identity theft insurance for potential fraud victims.
Adams Community Bank has invested about eight months collaborating to bring this service to its clientele.
Hughes reiterated the bank’s duty to safeguard its customers. “All banks encounter fraud regularly, and we believe this will increasingly affect our customers. As a community bank, it’s essential we help our customers stay ahead of these risks and feel secure,” she remarked.
All members of Adams Community Bank have access to this new initiative. For inquiries, individuals can contact their local branch or visit the relevant website.
