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.
Browsing: Protecting older Americans
The latest episode of the ABA Banking Journal Podcast continues a pre-Thanksgiving tradition by interviewing the winners of ABA’s 2019 Community Commitment Awards. These stories present the perfect inspiration as we prepare for the season of thanks and giving.
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.
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 examines how banks can support caregivers in their mission while protecting the privacy and safety of the bank customers receiving care.
Consumers aged 60 and older lost nearly $400 million to fraud in 2018, according to a report submitted to Congress last week by the Federal Trade Commission.
The American Bankers Association Foundation has recognized eight banks for their outstanding commitment to their communities.
On the latest episode of the ABA Banking Journal Podcast, CEO Brad Paige talks about “the first security enhancement that we’ve done that actually improved the customer experience.” The enhancement: digital voice authentication.
First Financial Bank takes elder fraud seriously. The $7.8 billion bank with locations across Texas has stopped $7.5 million in elder fraud, including $2.3 million in 2018 alone.
The number of Suspicious Activity Reports filed on suspected elder financial abuse quadrupled from 2013 to 2017, rising to 63,500 that year, according to new figures published today by the Consumer Financial Protection Bureau.