The American Bankers Association (ABA) Foundation has released a free banker resource guide containing information on ways to strengthen cooperative efforts with law enforcement regarding elder financial abuse.
ABA officials said seniors lose approximately $2.9 billion annually to financial abuse – adding, with baby boomers retiring every day, that number could continue to grow.
Foundation officials said Protecting Seniors: A Bank Resource Guide for Partnering with Law Enforcement and Adult Protective Services, provides insight regarding the critical role banks potentially play in staving off financial exploitation.
The guide contains essential tools, links, contacts, and other relevant information, officials said, developed with input from the National Sheriffs’ Association, National Adult Protective Services Association and the Consumer Financial Protection Bureau (CFPB) to help banks stem financial abuse and support seniors around the nation.
“Keeping seniors’ money safe is a top priority for our nation’s banks,” Corey Carlisle, ABA Foundation’s executive director, said. “Our hope is that this resource guide will help the industry foster improved communication and education among APS and law enforcement, which are key elements in preventing elder financial abuse.”
ABA is the voice of the nation’s $17 trillion banking industry, composed of small, regional and large banks employing more than 2 million people, safeguarding $13 trillion in deposits and extending nearly $10 trillion in loans.