Home Bank Combating elder monetary exploitation – Unbiased Banker

Combating elder monetary exploitation – Unbiased Banker

Combating elder monetary exploitation – Unbiased Banker


Elder monetary abuse prices seniors billions of {dollars} a yr. However there are instruments to struggle it. Photograph courtesy of CRA Companions/SHCPF

Billions of {dollars} are misplaced to elder monetary exploitation every year. Equip your group with the talents wanted to guard your clients.

From 2019 to 2020 alone, the sum of money concerned in elder monetary abuse rose by almost a billion {dollars}—the biggest year-over-year enhance since 2013. However that more than likely doesn’t account for all the cash misplaced in that point.

Fast Stats


of the U.S. inhabitants is 65 years or older.

Supply: Senior Housing Crime Prevention Basis



experiences of suspected elder monetary exploitation have been filed in 2020.

Supply: CFPB



The sum of money concerned in suspected elder monetary exploitation.

Supply: CFPB



of suspected elder monetary exploitation includes deposit accounts.

Supply: CFPB

“Most instances, elder monetary abuse goes unreported or underreported, both as a result of the seniors are overwhelmed or are considerably embarrassed,” says David Lenoir, president and CEO of CRA Companions’ Senior Housing Crime Prevention Basis (SHCPF), an ICBA subsidiary. “So whereas the numbers are staggering, on the similar time, we expect it’s only a small fragment of what’s truly occurring associated to elder monetary abuse.”

Neighborhood banks might help stop, establish and report monetary elder abuse.

Quite a few ICBA options present group bankers with the instruments they should help clients who could also be experiencing monetary exploitation.

ICBA Neighborhood Banker College programs

The web coaching course Elder Monetary Abuse is on the market by all Neighborhood Banker College coaching plans however can be bought individually. By the tip of the course, individuals ought to have a greater understanding of:

  • How one can outline, acknowledge and establish monetary elder abuse
  • The potential perpetrators and causes behind elder monetary abuse
  • How to reply to elder monetary abuse
  • What could be finished to stop it sooner or later

CRA Companions

Powered by the Senior Housing Crime Prevention Basis, CRA Companions’ multipronged compliance program gives assets for group bankers that advantages them and their communities.

The primary prong gives schooling not solely to bankers however to senior residents and their households as nicely.

“We now have different parts round that, simply by way of defending the seniors who stay in nursing properties and assisted dwelling services,” Lenoir says. “We launched not too long ago some printed materials—we name it Cyber-Savvy Seniors—the place a financial institution can co-brand our literature with its emblem, and likewise a senior facility can co-brand with its emblem.”

Whereas a number of the recommendation might seem to be frequent sense to these of youthful generations, Lenoir says, it’s essential to assist senior residents acknowledge the necessity for schooling on ways like complicated passwords and multifactor authentication.

To help on this, a number of the assets offered by this system embrace instructional supplies for bankers and group members on monetary elder abuse; a press equipment, attendee handouts and financial institution coaching handouts; and a web based group seminar.

As well as, group bankers who use this system can select a senior facility, like a nursing house or HUD housing facility, to offer the net group seminar to. By taking part in this system, bankers are eligible for CRA credit score.

AARP BankSafe Coaching Platform

This on-line coaching platform was created in collaboration with greater than 2,000 business professionals in an effort to fight elder monetary exploitation. Via movies, studying modules, video games, quizzes and extra, individuals can find out about monetary exploitation at their very own tempo.

This system goals to assist bankers enhance their information of:

  • The affect of monetary exploitation in your clients and group financial institution
  • What actions to take to establish and forestall monetary exploitation
  • State-specific reporting necessities

Based on the Nationwide Grownup Safety Providers Affiliation, just one in 44 elder monetary abuse circumstances will get reported, making it much more essential for group bankers to be taught to acknowledge purple flags and tackle them correctly for the good thing about the financial institution itself and its clients.

—Tiffany Lukk

Extra info for members

ICBA gives assets for each group bankers and their clients on how to reply to suspected elder monetary abuse.
Get extra info »



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