Boston, September 1, 2025
News Summary
In Boston, local banks and credit unions are introducing interactive financial education programs to combat rising fraud against older residents. With reported losses surpassing $1.9 billion, these institutions are rolling out hands-on initiatives like WealthTrek, a fraud-fighting program, alongside community workshops and a new Museum of American Finance. These efforts aim to equip residents with practical skills to identify and resist scams, emphasizing experiential learning to enhance retention of financial knowledge.
Boston — Local financial institutions and cultural organizations are rolling out interactive financial education initiatives this year in response to rising fraud losses among older Americans, aiming to equip residents with practical skills to recognize and resist evolving scams.
What’s happening now
Boston-area credit unions and banks have launched hands-on programs that prioritize experiential learning to address increasing fraud and financial stress. The Federal Trade Commission reported that older Americans lost more than $1.9 billion to fraud in 2023, and local institutions are responding with in-person learning experiences, community branch openings, and planned public education spaces.
WealthTrek: an interactive fraud-fighting learning experience
Hanscom Federal Credit Union has introduced WealthTrek at its Government Center location, an interactive financial literacy program built around experiential exercises instead of traditional classroom lectures. The program places participants in four escape-room-style chambers where they solve clues tied to realistic financial challenges, including scenarios that mirror common scams such as fraudulent texts about unpaid toll bills or phony job applications.
The experience is designed to let participants safely make mistakes and learn corrective actions. A typical WealthTrek visit lasts about 30 minutes, followed by a debrief session with a financial coach to discuss lessons learned and practical prevention steps. The program was initially tested in Burlington before launching in Boston, and it is structured so content can be updated frequently to reflect the shifting tactics used by fraudsters.
Program leadership cites behavioral research and practical observations indicating that many people retain lessons better when they learn by doing rather than listening to lectures. Program designers estimate a sizable portion of recipients of fraudulent texts—about 15%—may click on malicious links, with potential long-term financial and identity consequences. Organizers emphasize that experiential training aims to reduce that risk and provide tools for ongoing vigilance.
Community bank expansion in Dorchester
Cambridge Savings Bank opened a new branch at 734 Dudley Street in Dorchester, marking the bank’s 19th location. The branch is positioned as a neighborhood hub offering a full suite of consumer and small-business services, including checking and savings accounts, lending options, and financial planning support.
Services at the Dorchester branch include workshops on budgeting, saving, and credit management for individuals, plus training for small businesses on cash flow management, funding sources, fraud prevention, and marketing. Bank leadership framed the expansion as part of a broader effort to provide critical financial resources and long-term economic empowerment in a diverse community setting.
Museum of American Finance to open in Seaport
The Museum of American Finance, an affiliate of the Smithsonian Institution, will open a new site in Boston’s Seaport neighborhood on July 1, 2026. The museum will occupy approximately 5,400 square feet and offer free public access to exhibits focused on financial history and education. Collections to be displayed include historical documents related to Alexander Hamilton, and the museum’s programming is planned to emphasize democratizing financial knowledge for a broad audience.
Supporting details and context
Local efforts come amid growing concern about fraud targeting older adults and the broader population. Scam delivery methods have become more varied and sophisticated, including text-message phishing (smishing), fraudulent billing notices, and fake employment offers that solicit personal information. Financial stress, exacerbated by fraud losses and economic pressures, is also linked to mental health challenges for many Americans, increasing the urgency for practical education and community supports.
These new initiatives aim to combine prevention, education, and practical support: immersive learning to build recognition and response skills; neighborhood banking services to improve access and trust; and museum-based exhibits intended to place personal finance in historical and societal context. Institutions involved emphasize that education must be adaptive, with content refreshed to reflect new scam patterns and evolving community needs.
Next steps and availability
WealthTrek sessions are currently available at the Government Center location with plans for adjustments and updates over time. The Cambridge Savings Bank Dorchester branch is open to customers and the local community, offering scheduled workshops and small-business training. The Museum of American Finance will accept visitors at its Seaport location beginning in mid-2026, with free admission to planned exhibits and educational programs.
Frequently Asked Questions
What is WealthTrek and who can participate?
WealthTrek is an interactive, escape-room-style financial literacy experience developed by Hanscom Federal Credit Union. It is intended for adults in the community who want practical training on recognizing scams and managing common financial challenges. Sessions include a 30-minute experiential component followed by a debrief with a financial coach.
How does WealthTrek simulate real fraud scenarios?
The program uses four themed chambers with clues and exercises that mirror real-world situations, including fraudulent texts, suspicious billing notices, and deceptive job offers. The format allows participants to make decisions in a controlled setting and learn the consequences and prevention strategies.
What services will the Dorchester branch provide?
The Dorchester branch offers standard banking services such as checking and savings accounts, loans, and financial planning. It also hosts workshops for individuals on budgeting and credit management and training for small businesses on cash flow, funding, fraud prevention, and marketing.
When will the Museum of American Finance open, and what will it offer?
The museum is scheduled to open in Boston’s Seaport on July 1, 2026. It will occupy about 5,400 square feet, provide free admission, and present exhibits on financial history and education, including archival documents related to early American finance.
Where can I report fraud or get help if I suspect a scam?
If you suspect fraud, report it to appropriate consumer protection agencies and your financial institution promptly. Community financial education programs and local bank branches often offer resources and coaching for recovery steps and prevention strategies.
Quick reference table
| Program / Site | Organization | Location | Main services / focus | Availability / Opening |
|---|---|---|---|---|
| WealthTrek | Hanscom Federal Credit Union | Government Center, Boston | Interactive financial literacy; fraud recognition; experiential learning; coach debrief | Launched in Boston after Burlington test; sessions ~30 minutes + debrief |
| Dorchester Branch | Cambridge Savings Bank | 734 Dudley Street, Dorchester | Checking/savings, lending, financial planning, workshops for individuals and small businesses | Now open; ongoing workshops and community services |
| Museum of American Finance (Seaport) | Museum of American Finance (Smithsonian affiliate) | Seaport, Boston | Free public exhibits on financial history and education; archival collections | Opening July 1, 2026; ~5,400 sq ft |
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Additional Resources
- Boston 25 News: Local Credit Union Teaches Financial Lessons
- Boston Real Estate Times: Cambridge Savings Bank Opens New Branch
- PYMNTS: Money Talks and Now It Also Has a Museum in Boston’s Seaport
- ATM Marketplace: Cambridge Savings Bank Opens Branch in Dorchester
- MassLive: She Got Out, Then She Gave Back
- Wikipedia: Financial Literacy
- Google Search: Financial Fraud Prevention
- Google Scholar: Financial Education Programs
- Encyclopedia Britannica: Financial Literacy
- Google News: Boston Financial Education
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