MBA Joins National Safe Banking For Seniors Campaign
Educational program from ABA Foundation prevents elder financial fraud
Financial abuse against older Americans can take many forms, from illegal debits to third-party scams and even unauthorized withdrawals by an approved caregiver. With the share of the U.S. population 60 years and older projected to reach 30 percent by 2025, the opportunities to take advantage of these at-risk bank customers become more prevalent — by the minute.
The Missouri Bankers Association has joined the American Bankers Association Foundation’s Safe Banking for Seniors campaign. Through this campaign, MBA will mobilize bankers across Missouri to educate older Americans and their caregivers about elder financial abuse and how to prevent it.
“We’ve found bankers are often the first line of defense against elder financial fraud from educating and advising customers to spotting the signs of abuse,” said Max Cook, MBA president and CEO. “We take our role seriously, and the more we can educate seniors and their caregivers, the better protected they can be.”
Through ABA’s Foundation, bankers can use the program’s various resources, including event materials, lesson plans, media outreach tools and best practices, to help bolster their outreach to seniors and financial caregivers in their communities throughout the year. All materials are provided free of charge. Banks can register to participate in the initiative at online.
The program consists of four lesson modules that can be taught as stand-alone sessions or as part of a comprehensive suite of lessons.
- identifying and avoiding scams
- preventing identity theft
- choosing a financial caregiver
- acting as a responsible financial caregiver
MBA encourages its members to register in this free program. Any bank may register for this program. Bankers may access the four modules once they are registered.
Overview of Program (conducted by ABA Foundation Feb. 24, 2016)
Recorded Webinar • Slide Presentations
Consumer Financial Protection Bureau (March 2016)
Stopping Elder Financial Abuse • Advisory for Financial Institutions • Recommendations and Report for Financial Institutions