In recognition of World Elder Abuse Awareness Day today, the American Bankers Association Foundation and FBI released a new guide with important tips and information to help bank employees detect and prevent elder financial exploitation.
Victims reported more than $3.1 billion in losses from elder financial abuse in 2022, which represents an 84% increase from 2021, according to the FBI. The first part of the new guide provides an overview of elder financial exploitation and the detrimental impact it has on seniors and the economy. The second part identifies potential financial exploitation red flags. The third and final part reminds bankers of the three overarching steps to follow in handling suspected elder financial exploitation—recognize, respond and report.
“America’s senior citizens are losing billions of dollars every year to elder financial exploitation,” said Rebecca Keithley, national program coordinator for the FBI’s Elder Justice Initiative. “The FBI is proud of its partnership with the ABA Foundation to educate the public and provide resources to financial institutions, so together we can lessen the financial losses and help prevent our senior citizen population from becoming victims.”
If you or anyone you know is a victim of elder financial exploitation, inform your bank, contact law enforcement and file a complaint with the FBI’s Internet Crime Complaint Center.