June 15 is World Elder Abuse Awareness Day
Washington, D.C. (June 15, 2021) — June 15 is World Elder Abuse Awareness Day, and the Independent Community Bankers of America (ICBA) and its subsidiary, the Senior Housing Crime Prevention Foundation (SHCPF) are providing tips for preventing the disturbing trend of elder financial abuse.
“Elder financial abuse and scamming techniques are at epidemic proportions across our country, with $3 billion in reported losses annually at an average loss of $120,000 per victim and that’s likely just the tip of the iceberg,” said David Lenoir, president and CEO of CRA Partners’ Senior Housing Crime Prevention Foundation (SHCPF).
“We are dedicated to providing educational resources to help protect vulnerable senior housing residents in the community and are enlisting the nation’s nearly 5,000 community banks to help bring greater awareness to common scams to combat this growing threat that affects one in five elderly Americans.”
ICBA and SHCPF offer the following suggestions on ways to prevent elder financial abuse:
- Secure private information (Social Security card, passport, bank account numbers, financial statements, medical records, and other legal documents), in a bank safety deposit box.
- Check your bank accounts and bill statements carefully. If you notice unauthorized charges or unusual activity, alert your bank immediately.
- Do not disclose personal information, such as bank account numbers or PINs, to anyone in a phone call, letter, email, fax or text message claiming to be from an established organization, especially if they ask you to wire funds or send private information.
- Ask your local community bank about available resources to help protect you or your loved ones from scams and exploitation.
- Plan ahead by giving a trusted person the legal authority to make financial decisions for you if you are unable. Make sure your bank has a record of who can manage your money on your behalf.
- Contact your local adult protective services agency and law enforcement if you have information about a fraud or suspect you may have encountered financial abuse.
“Community banks are often the first line of defense in protecting members of our communities, including the elderly who are often targets for financial exploitation,” said ICBA Chairman Robert Fisher, president and CEO of Tioga State Bank in Spencer, N.Y. “It’s important for all Americans to recognize the warning signs and take preventative measures to avoid becoming a victim. Reach out to your trusted community banker to learn how they can assist with keeping you and your loved one’s finances safe and secure.”
Financial abuse can take many forms—from investment scams, lottery schemes and stolen jewelry to identity theft, credit card misuse and forged checks—with only one in 44 cases of financial abuse ever reported.
To learn more about the elder financial abuse and prevention strategies, visit icba.org/eldercare. For more information about SHCPF, visit SHCPFoundation.org.
About ICBA
The Independent Community Bankers of America creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, over $4.4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
About SHCPF
The Senior Housing Crime Prevention Foundation mission is to provide protection and an enhanced quality of life for vulnerable senior housing residents through meaningful turnkey CRA compliance for community focused banks.
Funded exclusively by the banking industry and endorsed by the ICBA and over 30 state bankers’ associations, the Foundation has developed a low-risk, profitable solution — CRA Partners — for banks of all asset sizes and charter types – to fulfill their federally mandated Community Reinvestment Act (CRA) requirements in the form of qualified loans, investments or grants through the operation of their nationally acclaimed Senior Crimestoppers and other programs.
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