The Consumer Financial Protection Bureau today released an advisory and report highlighting voluntary best practices for banks to protect seniors from financial exploitation.
The bureau stressed the importance of employee education, of proper and timely reporting of suspicious activity and of building strong, collaborative relationships with local law enforcement and Adult Protective Services in order to deter elder fraud and educate consumers. It also encouraged banks to continue offering age-friendly services to older customers, and to incorporate technologies like predictive analytics into their fraud monitoring programs.
ABA has long been committed to leading the charge against the financial exploitation of older Americans. Nearly 600 banks have registered to participate in the ABA Foundation’s new Safe Banking for Seniors program to help banks across the country educate seniors and their caregivers on the risks of financial fraud. The program provides free materials and resources to help bankers lead sessions on various topics, including identity theft prevention and financial caregiving. The foundation is joined by more than 35 state bankers associations that have pledged to promote these resources to bankers in their states in an effort to combat the estimated $2.9 billion in losses suffered by seniors each year.