Elder financial exploitation: Confronting a chronic challenge
Banks are collaborating, using technology and taking other steps aiming to protect a vulnerable population.
Tag: Elder abuse
AARP survey details generational differences in banking practices, fraud experiences
While adults ages 18 to 49 are more likely than older adults to lose money from financial exploitation, older adults ...
FinCEN: Financial institutions reported $27 billion in elder financial exploitation
Financial institutions reported roughly $27 billion in suspicious activity related to elder financial exploitation during a one-year period from 2022 ...
ABA Foundation, FBI release guide to combat elder financial exploitation
The ABA Foundation and FBI released a new guide with important tips and information to help bank employees detect and ...
Podcast: Trends and tips for preventing grandparent scams
Grandparent scams are a particularly pernicious fraud, one that preys on seniors' love, care and concern for their family members. ...
Report: Elder financial exploitation on the rise
The rate of elder financial exploitation across the globe has more than doubled since the start of the COVID-19 pandemic, ...
FinCEN advisory addresses elder financial exploitation’s growing threat
The advisory highlights behavioral and financial red flags to aid banks with identifying, preventing and reporting suspected 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 ...
Survey: Banks Continue to Offer More Products Favorable for Older Customers
As older Americans—those born before 1965—hold 65% of deposit balances in the U.S., banks have continued to offer more products ...
FTC: Fraud Cost Older Americans More Than $600 Million in Losses in 2020
The Federal Trade Commission’s Consumer Sentinel Network took in more than 334,000 fraud reports filed by Americans age 60 or ...
