August 2020 - Elder Abuse Awareness & Prevention
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Identifying, preventing, and reporting elder financial exploitation is a serious issue. According to the CFPB’s “Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends” Report (Feb. 2019), incidents of elder abuse have quadrupled since 2013. Financial institutions have filed more than 180,000 suspicious activities reports targeting older adults, totaling more than $6 billion.
Consider these statistics from Georgia:
Often, the actions front-line staff can take are as simple as asking basic customer service questions: “How’s everything going?” “What’s new since I last saw you?” This can open the door for conversation that either confirms everything’s fine or triggers a series of red flag behaviors that may indicate something’s amiss. Watch for when the elder account holder:
Consider these statistics from Georgia:
- The average age for elder abuse is 65.
- One in six Georgians will experience some kind of financial abuse in their lifetime.
- There is a one in five chance of being considered an at-risk adult, such as those 18 and older with disabilities. This also includes the elderly, which make up nearly 20 percent of adults in Georgia.
- Georgia is the tenth fastest growing population of those 65 and older.
- Those required to report their activity in the state include physical or occupational therapists, day care personnel, coroners, medical examiners, emergency personnel, clergy and bank employees. The penalty for failing to report is one year in jail or a $1,000 fine.
- And: 90 percent of abusers are typically children or family of the abused.
Often, the actions front-line staff can take are as simple as asking basic customer service questions: “How’s everything going?” “What’s new since I last saw you?” This can open the door for conversation that either confirms everything’s fine or triggers a series of red flag behaviors that may indicate something’s amiss. Watch for when the elder account holder:
- has a change in demeanor
- becomes frustrated or possibly angry
- prefers to speak with another teller, or
- leaves most of the account decision making and control up to a family member or caregiver.
Share These Resources With Your Customers & Community
FDIC & CFPB Money Smart for Older Adults
This resource guide was created to help older adults, family caregivers, and others prevent, recognize, and report financial exploitation. Guides are available in English and Spanish and can be ordered in bulk at no cost. |
CFPB Managing Someone Else's Money Guide
Millions of Americans manage money or property for a loved one who is unable to pay bills or make financial decisions independently. This CFPB guide explains fiduciary obligations and discusses how to spot elder financial exploitation and avoid scams. Community banks can customize the guides with their logos to share with customers and clients. |
FTC Pass It On Campaign
The Federal Trade Commission’s Pass It On campaign includes articles, presentations, videos, and activities that community stakeholders can use to increase awareness of scams targeting older Americans. Refer to the FTC’s website for breaking information about trending scams and prevention tips. |
Elder Abuse and COVID-19:
- Reach out for help if you are concerned that elder abuse, neglect or exploitation is occurring
- Report suspected abuse or exploitation to the local Adult Protective Services or Long-Term Care Ombudsman Program
Rely on credible resources such as the Elder Care Locator (1-800-677-1116) to locate help in your area, such as meal delivery, transportation, or credible phone reassurance programs - Stay connected and away from scammers. Report COVID-19 related scams to the National Center for Disaster Fraud (1-866-720-5721)
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Sample Tweet:
Often occurring in the form of scams and identity theft, financial exploitation is an all-too common form of elder abuse. However, there are steps that #OlderAdults can take to prevent or reduce the risk of financial exploitation. Learn more: http://ow.ly/SwEc50AseUS Graphics for Social Media: LinkedIn Cover Banner Twitter Cover Banner Facebook Cover Banner Social Media Post Image |
Additional Image to Share
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Links & Resources
- ICBA - Elder Abuse Prevention
- CRA Partners
- Community Financial Institutions in Unique Position to Help Protect by SHAZAM
- Fight Elder Abuse (and earn CRA Credit)
- Ultimate Resource Guide to Elder Financial Exploitation
- National Center on Elder Abuse
- National Council on Aging (NCOA)
- Consumer Financial Protection Bureau (CFPB)
- Federal Trade Commission (FTC)
- American Association of Retired Persons (AARP)
