Nearly 15% of Americans — more than 34 million people — are serving as caregivers for adults over 50. In November, recognized as National Family Caregiver Month, the ABA Banking Journal Podcast is taking a look at how banks can support caregivers in their mission while protecting the privacy and safety of the bank customers receiving care. Kieth Cockrell, head of specialty client services at Bank of America, joins the podcast to discuss:
- Bank of America’s “Trusted Contact” feature, which allows customers to designate an alternative contact person, which was recently rolled out to all retail bank accounts.
- Frauds and scams that seniors can fall victim to and how trusted contacts have facilitated direct conversations with the victimized customers that stopped the scam.
- How designating a trusted contact — which doesn’t provide account access the way joint accounts or power of attorney do — can make it easier for have sometimes hard conversations with customers who need financial caregiving.
- Bank of America’s overall elder fraud prevention and anti-fraud programs and resources, including efforts to prevent wire transfer fraud.
If you can’t see the audio player above, click here to listen to this week’s episode.
Learn more about the ABA Foundation’s Safe Banking for Seniors program.