Washington, D.C. (June 15, 2023) — The Independent Community Bankers of America (ICBA) and its affiliate, the Senior Housing Crime Prevention Foundation (SHCPF), are providing tips for preventing elder financial abuse in recognition of World Elder Abuse Awareness Day on June 15.
“This is a critical issue for our nation’s seniors—with a purported $3 billion in annual losses or $120,000 per victim,” said SHCPF President and CEO David Lenoir. “As relationship lenders, community bankers are often the first line of defense for their customers and are trained to spot the signs of financial exploitation and more importantly, put a stop to the transaction before the money ever leaves the account.”
ICBA and SHCPF offer the following suggestions to help curb elder financial abuse:
Secure private information (such as 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 claiming to be from an established organization, especially if they ask you to wire funds.
Ask your local community banker 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 if you are unable and 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 or feel threatened or intimidated into sharing your financial information.
"Community bankers are local and trusted financial partners who can be a key resource in alerting consumers of suspicious activity while educating them on how to avoid becoming a victim," ICBA President and CEO Rebeca Romero Rainey said. "We encourage older Americans to leverage their community bankers’ expertise and work with them to help identify prevalent scams to halt criminal activity, which will help protect the hard-earned financial future they worked so hard to achieve.”
To learn more about 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 employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding $5.8 trillion in assets, $4.8 trillion in deposits, and $3.8 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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