To mark World Elder Abuse Awareness Day on Friday, the American Bankers Association Foundation is this week releasing a free new guide to help bankers combat financial exploitation of seniors. Seniors currently lose an estimated $2.9 billion per year to financial abuse, and with a growing number of baby boomers retiring, scams targeting the elderly are growing.
The new guide provides an overview of the state of financial exploitation; addresses top scams currently in play; examines what banks can do, including how to report suspected fraud; and outlines the distinct roles of law enforcement agencies and adult protective services and how to partner with them. It also includes several sample resources, including introduction letters to law enforcement, APS, senior-focused nonprofits and senior living facilities.
The guide is part of a broader set of ABA Foundation resources to help bankers protect their senior customers. Through aba.com/seniors, bankers can register for FinEdLink, a free platform that connects participating banks with senior-focused community groups and agencies that would like a banker-led presentation on senior financial safety. For more information, contact ABA’s Sam Kunjukunju.