The advisory highlights behavioral and financial red flags to aid banks with identifying, preventing and reporting suspected abuse.
Browsing: Elder abuse
ABA Data Bank: Nearly All Banks Provide Training On Detecting and Reporting Elder Financial Exploitation
Among the 99% of banks that provide training for customer service representatives, according to the 2021 ABA Foundation Older Americans Benchmarking report, 84% provide front-line staff training at least once per year.
As older Americans—those born before 1965—hold 65% of deposit balances in the U.S., banks have continued to offer more products with terms that are favorable to them, according to the American Bankers Association Foundation’s 2021 Older Americans Benchmarking Report released today.
The Federal Trade Commission’s Consumer Sentinel Network took in more than 334,000 fraud reports filed by Americans age 60 or older, with reported losses of more than $600 million, the commission reported in its annual report to Congress on protecting older consumers.
Consumers aged 60 and older lost nearly $440 million to fraud in 2019, a $40 million rise from the prior year, according to a report submitted to Congress today by the Federal Trade Commission.
For seniors, social distancing saves lives but breeds vulnerability to fraud. Here’s how banks are protecting older Americans’ finances in the COVID-19 era and beyond.
Amid the coronavirus pandemic, cybersecurity and fraud analysts have noted an uptick in “money mule” scams. Banks increasingly need to be on the lookout for the telltale signs of these scams.
The Department of Justice has charged more than 400 defendants responsible for more than $1 billion in losses this year in the largest coordinated sweep of elder fraud cases in history, Attorney General William Barr and Chief Postal Inspector Gary Barksdale announced today.
The number of Suspicious Activity Reports related to elder financial exploitation has risen dramatically over the past several years, as seniors face increasing threats from both domestic and foreign actors, according to an analysis released last night by the Financial Crimes Enforcement Network.
As the population of older Americans continues to grow—and with seniors increasingly the targets of scams—a majority of banks are responding by offering training for frontline staff on how to prevent elder financial exploitation, according to the ABA Foundation’s second Older Americans Benchmarking Report released today.