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CBA Recognizes World Elder Abuse Awareness Day
WASHINGTON – CBA President and CEO Richard Hunt today released the following statement recognizing World Elder Abuse Awareness Day. Elder financial exploitation threatens the financial security of millions of older Americans and is estimated to cost victims nearly $3 billion every year.
“Senior citizens are increasingly the victims of financial scams. In recent years, this alarming trend has been exasperated by technological advances that target older Americans. Now more than ever, America’s leading banks are committed to preventing this type of abuse and empowering elderly Americans with the resources they need to safeguard personal information and protect their assets.”
The Consumer Financial Protection Bureau’s (CFPB) Office for Older Americans offers resources that may help bank staff protect older customers from fraud and scams, including a recent analysis of elder financial exploitation covering trends, monetary losses by customers and filers, and possible next steps for banks. Another resource is a review of state and federal laws related to reporting of elder financial exploitation by financial institutions to help clarify the laws and support banks in their efforts to combat fraud.
The CFPB also offers free tools that banks can use to educate older customers. These include guides to help financial caregivers with managing someone else’s money and the Money Smart for Older Adults curriculum which can be shared with older customers and caregivers to help them make informed financial decisions and avoid scams.
To find these resources and more, visit www.consumerfinance.gov/olderamericans.
About the Consumer Bankers Association:
The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.