Banking

ABA Foundation, FBI release guide to fight older monetary exploitation

In acknowledgment of World Elder Abuse Awareness Day today, the American Bankers Association Foundation and FBI launched a brand-new guide with crucial pointers and details to assist teller find and avoid older monetary exploitation.

Victims reported more than $3.1 billion in losses from older monetary abuse in 2022, which represents an 84% boost from 2021, according to the FBI. The very first part of the brand-new guide offers a summary of older monetary exploitation and the destructive effect it has on elders and the economy. The 2nd part recognizes possible monetary exploitation warnings. The 3rd and last part advises lenders of the 3 overarching actions to follow in dealing with thought older monetary exploitation—acknowledge, react and report.

“America’s senior citizens are losing billions of dollars every year to elder financial exploitation,” stated Rebecca Keithley, nationwide program organizer for the FBI’s Elder Justice Initiative. “The FBI is proud of its partnership with the ABA Foundation to educate the public and provide resources to financial institutions, so together we can lessen the financial losses and help prevent our senior citizen population from becoming victims.”

If you or anybody you understand is a victim of older monetary exploitation, notify your bank, contact police and submit a problem with the FBI’s Internet Crime Complaint Center.

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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