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Combating elder monetary exploitation – Unbiased 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 crew with the abilities wanted to guard your clients.


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

Fast Stats

14.5%

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

Supply: Senior Housing Crime Prevention Basis

***

62K

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

Supply: CFPB

***

$3.4B

The amount of cash concerned in suspected elder monetary exploitation.

Supply: CFPB

***

56%

of suspected elder monetary exploitation includes 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 predict it’s only a small fragment of what’s truly occurring associated to elder monetary abuse.”

Neighborhood banks may also help forestall, establish and report monetary elder abuse.

A variety of 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 net coaching course Elder Monetary Abuse is accessible via all Neighborhood Banker College coaching plans however may also be bought individually. By the tip of the course, individuals ought to have a greater understanding of:

  • Learn how to 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 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 effectively.

“We’ve got different elements round that, simply by way of defending the seniors who dwell in nursing houses and assisted dwelling amenities,” Lenoir says. “We launched just lately some printed materials—we name it Cyber-Savvy Seniors—the place a financial institution can co-brand our literature with its brand, and likewise a senior facility can co-brand with its brand.”

Whereas among the recommendation could appear to be frequent sense to these of youthful generations, Lenoir says, it’s vital to assist senior residents acknowledge the necessity for training on ways like advanced passwords and multifactor authentication.

To help on this, among the assets offered by this system embody instructional supplies for bankers and group members on monetary elder abuse; a press equipment, attendee handouts and financial institution coaching handouts; and an internet 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 supply the web 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 trade professionals in an effort to fight elder monetary exploitation. Via movies, studying modules, video games, quizzes and extra, individuals can study monetary exploitation at their very own tempo.

This system goals to assist bankers enhance their information of:

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

In response to the Nationwide Grownup Safety Companies Affiliation, just one in 44 elder monetary abuse instances will get reported, making it much more vital for group bankers to study to acknowledge purple flags and tackle them correctly for the good thing about the financial institution itself and its clients.

—Tiffany Lukk


Extra data for members

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



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