Resource available in advance of World Elder Abuse Awareness Day on June 15
Seniors lose approximately $2.9 billion annually to financial abuse – and with baby boomers retiring every day, along with an estimated $12 trillion in wealth transfers expected to take place between generations, that number could continue to grow. In response, America’s banks are stepping up their efforts to better protect seniors with the help of the American Bankers Association Foundation.
Curtailing financial abuse requires collaboration and communication between banks, their customers, law enforcement and in some cases, Adult Protective Services (APS). To help facilitate that collaboration, the ABA Foundation today released a free banker resourcewith key information on ways to strengthen cooperative efforts with law enforcement, as well as APS.
“Keeping seniors’ money safe is a top priority for our nation’s banks,” said Corey Carlisle, ABA Foundation executive director. “Our hope is that this resource guide will help the industry foster improved communication and education among APS and law enforcement, which are key elements in preventing elder financial abuse.”
The guide titled, “Protecting Seniors: A Bank Resource Guide for Partnering with Law Enforcement and Adult Protective Services” details the critical role banks can play in combatting financial exploitation. It contains important tools, links, contacts, and other relevant information developed with input from the National Sheriffs’ Association, National Adult Protective Services Association and the CFPB to help banks stem financial abuse and support seniors around the nation.
“Our nation’s Adult Protective Service workers strive to protect the safety of all vulnerable adults,” said Trudy Gregorie, executive director, National Adult Protective Services Association. “With the rise of elder financial abuse, cooperation with banks is not just helpful, but vital to ensuring the well-being of older adults. The guide is an excellent resource to support these critical collaborations and ultimately safeguard seniors across America.”
“Banks are important community resources in the fight against elder fraud,” said Ed Hutchinson, director of traffic safety, triad and officer safety at the National Sheriffs’ Association. “Rapport built between banks and law enforcement before a critical incident can speed up investigations and will help us address cases. The guide will not only support law enforcement efforts but will have a tremendous impact on the most vulnerable people we serve.”
The new guide builds on the ABA Foundation’s Safe Banking for Seniors program and other existing resources designed to help banks better protect their older customers.
Click here to view the guide.
The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend nearly $10 trillion in loans. Learn more at aba.com.
Through its leadership, partnerships, and national programs, ABA’s Community Engagement Foundation (dba ABA Foundation), a 501(c)3, helps bankers provide financial education to individuals at every age, elevate issues around affordable housing and community development, and achieve corporate social responsibility objectives to improve the well-being of their customers and their communities.