Arkansas
Arkansas officials work to combat rising financial fraud targeting residents
JONESBORO, Ark. (KAIT) – Financial fraud continues to plague Arkansas residents as scammers target victims through phone calls and text messages, costing Americans over $16 billion in losses in 2024 according to the Federal Bureau of Investigation.
Lorrie Trogden, president and CEO of the Arkansas Bankers Association, said the losses increase by double-digit percentages each year.
“They get higher and higher every year, and not by one or two percent, by double-digit percent,” Trogden said. “Despite how big those numbers are, we know those aren’t the real numbers. They’re actually much higher because people don’t report.”
Personal costs drive legislative action
Former State Representative Carlton Wing experienced the effects firsthand when his childhood Sunday school teacher fell victim to a lottery scam.
“She gets this email that says, ‘Congratulations, you’ve won the lottery and we’re going to give you $18 million for your winnings,’” Wing said. “She was so excited about that. They just said, ‘You just have to pay the taxes on the lottery and that’s how it starts.’”
Wing said repeated efforts by himself and authorities to stop his teacher were unsuccessful. The average person loses over $80,000 in scams, Wing said, though his teacher’s case involved “much, much more than that.”
The experience led Wing to help pass Act 1015 through the Arkansas legislature in 2021, designed to help financial institutions delay or stop certain attempts to scam elderly residents.
“There was really not much of a model anywhere else in the country. We were able to pull things from a few states and then apply them to Arkansas,” Wing said.
Banks face challenges stopping customer-initiated fraud
Every dollar lost to financial fraud costs a financial institution $5.75, Trogden said. Scams make up about 38% of overall fraud loss for financial institutions.
“Part of the problem is that many of these scams are customer initiated,” Trogden said. “So, they are contacted by the scammer and then they willingly, albeit they’re not just doing it, they’re being tricked into it, but they are willingly giving over their banking information or they’re going to the bitcoin machine.”
Bank employees are trained to identify signs of scams, but stopping customers remains difficult even when workers recognize fraud attempts.
“We have put every countermeasure in place that we could possibly think of but at the end of the day if the customer initiates the funds transfer, then there’s not much we can do about it,” Trogden said.
Romance scams, imposter scams, and online shopping scams are the most common scams bankers encounter. Victims typically respond the same way, Trogden said: “I thought this one was legitimate. I’m so careful. But this seemed so every day.”
Attorney general launches task force
Arkansas Attorney General Tim Griffin launched a financial fraud task force last year after recognizing the need for better coordination with financial institutions.
“The reason we wanted to do that is we would often learn of a scam and we would find out that the banks were seeing it before we do,” Griffin said. “Why don’t we start meeting with banks so we know it ahead of time?”
Griffin said his own mother receives frequent scam attempts through texts and phone calls.
“This threat involves everybody but it’s particularly focused or troublesome for the elderly,” Griffin said.
The task force meets quarterly to share information about crimes financial institutions are seeing, giving the attorney general’s office better tools to pursue perpetrators. Griffin said his office cannot always recover victims’ money but emphasized the importance of reporting fraud.
“You’re putting it on our radar, you’re telling us what’s going on and we know what to look out for and we can warn others about it and save money as a result,” Griffin said.
Artificial intelligence presents new challenges
Trogden called artificial intelligence a “double-edged sword” in the fight against fraud.
“AI can data mine for any facts about you, any photos of you, and put together a profile that it is you trying to do these transactions or trying to do these things but then, on the flip side, banks are able to harness that same power to look for this fraud and to utilize it within their banking systems,” Trogden said.
Prevention tips for residents
Trogden offered several recommendations to protect against scams:
- Never provide information to unsolicited contacts online
- Call back using official numbers to verify legitimate requests
- Only open texts or emails from known contacts
- Establish family passwords to prevent imposter fraud
- Report suspected fraud immediately to banks before contacting law enforcement
“Do not talk to these people,” Trogden said. “They are criminals and they don’t deserve your kindness.”
She emphasized the importance of quickly reporting the fraud to their bank, even before calling law enforcement.
“Call the bank,” she said. “Because the quicker you let the bank know, there might be an opportunity to claw that money back.”
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Arkansas
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Arkansas
Arkansas Athletics, CommunityAmerica Credit Union launch multi-year partnership including Razorback Stadium naming rights
FAYETTEVILLE, Ark. – The University of Arkansas Department of Athletics has signed a long-term partnership with CommunityAmerica Credit Union, marking a significant step in the credit union’s growing commitment to Northwest Arkansas. Facilitated by Learfield and Razorback Sports Properties, Donald W. Reynolds Razorback Stadium will become CommunityAmerica Razorback Stadium beginning with the 2027 football season.
Rooted in more than 85 years of helping individuals and families achieve financial peace of mind and building on a 65-year legacy of service in Arkansas, CommunityAmerica is excited to engage with Razorback fans and support the communities they call home.
“This is so much more than a name on a stadium. It’s about becoming part of the Razorback Nation experience and helping fans, students, student-athletes and the communities we and the university serve,” said Lisa Ginter, Chief Executive Officer of CommunityAmerica Credit Union. “Our members are at the heart of everything we do and when we evaluate partnerships like this, it starts with what matters most to them. The University of Arkansas is a powerful source of pride and connection for people across the state and in many of our markets. This partnership underscores our long-term commitment to Northwest Arkansas, where we look forward to growing our presence and helping more families achieve financial peace of mind. We’re already deepening our roots with plans for a campus location and several new branches throughout the region.”
The multi-phased partnership extends beyond naming rights and designates CommunityAmerica as the Official Credit Union of Arkansas Athletics. CommunityAmerica will also serve as an official sponsor of Arkansas Athletics, supporting student-athletes and fans alike. The comprehensive partnership will also include the rebranding of the SEC Club inside Razorback Stadium as the CommunityAmerica Club, where fans enjoy premium amenities on gameday. As part of the agreement, CommunityAmerica will engage directly with Razorback student-athletes providing Name, Image and Likeness (NIL) opportunities, valuable financial education and programs to help them succeed both on and off the field.
“We are thrilled to welcome CommunityAmerica Credit Union as the Official Credit Union of Arkansas Athletics as one piece of a partnership that will benefit our student-athletes, fans and the state of Arkansas for years to come,” said Hunter Yurachek, Vice Chancellor and Director of Athletics at the University of Arkansas. “Our vision in the Department of Athletics is to be our best and CommunityAmerica’s commitment to excellence as a trusted, people-driven financial institution mirrors that same vision. This partnership is just getting started but its impact will help shape our future.”
Beginning with the 2027 football season, the partnership will expand into its second phase with the naming of CommunityAmerica Razorback Stadium and the launch of CommunityAmerica Razorback Checking, Debit and Credit Cards.
With a legacy of serving members across Arkansas and nationwide, CommunityAmerica is ranked among the most trusted and innovative credit unions in the country and among the largest in the Midwest. CommunityAmerica is excited to engage and serve Razorback fans and members more deeply with a variety of financial products and services that align to their passion for the University.
“Our members are proud of where they live and what they stand behind, and for so many in Arkansas and across our shared communities, that means being part of Razorback Nation,” Ginter said. “As we look ahead to launching Razorback-branded products in 2027, we’re excited to offer experiences that celebrate that pride, strengthen relationships and deliver meaningful value for the people and communities we serve.”
“This is a historic partnership featuring an innovative brand with a passion and proven track record of supporting their community, paired with one of the leading college athletics programs in the country,” said Allison Fillmore, Senior Vice President, Business Development at Learfield. “Learfield and Razorback Sports Properties are excited to collaborate with Arkansas Athletics, which will enhance fan and student-athlete experiences for years to come.”
Razorback Sports Properties is the locally based Learfield team that is the exclusive multimedia rights holder for Arkansas Athletics and oversees all sponsorship agreements on behalf of the Razorbacks.
About the University of Arkansas Department of Intercollegiate Athletics
The University of Arkansas Department of Intercollegiate Athletics pursues its vision to “Be Our Best” while developing 465+ student-athletes into Razorbacks and Champions for Life. As members of the Southeastern Conference (SEC), the Razorbacks consistently compete at the nation’s highest levels while proudly representing the University of Arkansas and the entire state. Arkansas has established itself as one of the most competitive programs in the nation, winning nine NCAA titles and over 50 SEC Championships in recent years.
About CommunityAmerica Credit Union
CommunityAmerica Credit Union is a not-for-profit financial institution committed to helping members get on a path to thrive and achieve financial peace of mind. Founded in 1940, and with Arkansas roots dating back to 1968, CommunityAmerica has grown to meet the evolving financial needs of its members. With nearly $10 billion in assets and more than 600,000 members, the credit union is ranked among the nation’s 50 largest credit unions. It is the largest credit union in Arkansas, Kansas, and Missouri, and one of the largest financial institutions with expanding operations in Northwest Arkansas. CommunityAmerica offers a full suite of financial products and services for individuals and businesses, including checking and savings, mortgages, loans, commercial banking, wealth management, retirement planning, and insurance. Federally chartered, CommunityAmerica serves members across multiple markets nationwide with branch locations in Arkansas, California, Kansas, Missouri, Nevada, Tennessee, and Texas. Learn more at CommunityAmerica.com.
About Learfield
Learfield is the leading media and technology company powering college athletics. Through its digital and physical platforms, Learfield owns and leverages a deep data set and relationships in the industry to drive revenue, growth, brand awareness, and fan engagement for brands, sports, and entertainment properties. With ties to over 1,200 collegiate institutions and over 12,000 local and national brand partners, Learfield’s presence in college sports and live events delivers influence and maximizes reach to target audiences. With solutions for a 365-day, 24/7 fan experience, Learfield enables schools and brands to connect with fans through licensed merchandise, game ticketing, donor identification for athletic programs, exclusive custom content, innovative marketing initiatives, NIL solutions, and advanced digital platforms. Since 2008, it has served as title sponsor for the acclaimed Learfield Directors’ Cup, supporting athletic departments across all divisions.
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