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HomeBankCombating elder monetary exploitation – Impartial Banker

Combating elder monetary exploitation – Impartial Banker

Elder monetary abuse prices seniors billions of {dollars} a 12 months. However there are instruments to battle it. Photograph courtesy of CRA Companions/SHCPF

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

From 2019 to 2020 alone, the sum of money concerned in elder monetary abuse rose by practically a billion {dollars}—the biggest year-over-year improve since 2013. However that most definitely 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 had been filed in 2020.

Supply: CFPB



The sum of money concerned in suspected elder monetary exploitation.

Supply: CFPB



of suspected elder monetary exploitation entails deposit accounts.

Supply: CFPB

“Most occasions, 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 identical time, we expect it’s only a small fragment of what’s truly occurring associated to elder monetary abuse.”

Group banks will help forestall, determine and report monetary elder abuse.

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

ICBA Group Banker College programs

The web coaching course Elder Monetary Abuse is accessible by means of all Group Banker College coaching plans however can be bought individually. By the top of the course, contributors ought to have a greater understanding of:

  • The right way to outline, acknowledge and determine monetary elder abuse
  • The potential perpetrators and causes behind elder monetary abuse
  • How to answer elder monetary abuse
  • What may be finished to forestall 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 training not solely to bankers however to senior residents and their households as properly.

“Now we have different elements round that, simply by way of defending the seniors who reside in nursing properties and assisted dwelling amenities,” 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 brand, and in addition a senior facility can co-brand with its brand.”

Whereas a few of the recommendation might look like frequent sense to these of youthful generations, Lenoir says, it’s necessary to assist senior residents acknowledge the necessity for training on techniques like complicated passwords and multifactor authentication.

To help on this, a few of the assets offered by this system embrace academic 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. By means of movies, studying modules, video games, quizzes and extra, contributors can study monetary exploitation at their very own tempo.

This system goals to assist bankers enhance their data of:

  • The impression of economic exploitation in your clients and group financial institution
  • What actions to take to determine and stop monetary exploitation
  • State-specific reporting necessities

In keeping with the Nationwide Grownup Safety Providers Affiliation, just one in 44 elder monetary abuse circumstances will get reported, making it much more necessary for group bankers to be taught to acknowledge crimson flags and handle them correctly for the advantage of the financial institution itself and its clients.

—Tiffany Lukk

Extra info for members

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



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