Fast Facts: Financial Exploitation of the Elderly

7/31/2019 Fast Facts: Financial Exploitation of the Elderly

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To: Fast Facts List

Fast Facts: FINANCIAL EXPLOITATION OF THE

ELDERLY

By 2030, seniors will make up over one-sixth of the U.S. population. As our

population grows older, it is essential to educate people about how to protect

themselves from financial exploitation.

FACT: The annual financial loss for victims of elder abuse is around $2.9 billion, which is

a 12% increase from 2008, according to a2011 MetLife study of Elder Financial Abuse.

FACT: The elderly are a target for financial abuse because they may be more likely to

depend on others for help, have predictable patterns, and have little understanding of

modern management of finances. Additionally, they often have accumulated

savings.Persons over the age of 50 control over 70% of the nation's wealth, according to

one survey.

FACT: Men and women ofany race, economic level, or health statuscan become victims

of elder financial abuse.

Women are twice as likely to become victims

Most victims are between the ages of 80 and 89

Most victims live alone and require help with health issues and home maintenance

FACT: The most common perpetrators of financial abuse are family members, who

commit nearly75% of crimes.

FACT:Signs of exploitationof the elderly include: unpaid bills, changes in banks or
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attorneys, changes in spending patterns, missing property, unfamiliar signatures, and a

lack of personal amenities.

FACT: Many Roundtable member companies are coordinating to protect elderlycustomers from financial abuse. Examples include:

Capital One has partnered with the Consumer Action advocacy group to create

MoneyWi$e. MoneyWi$e is a national personal financial education program

offering free materials and community-based training opportunities on various

topics including elder fraud, identity theft, and money management. In Canada,

Capital One partnered with SeniorBusters to raise awareness about the

prevalence of elder abuse and fraud.

City National Bank has published various materials regarding elder abuse. Such

materials include a facts bulletin regarding the actions and consequences of elder

abuse, examples of common identity theft methods, and what to look for when

elder financial abuse is suspected.

Comerica Bank provides publications on how to be aware of the signs of abuse

and how the bank can help. They make an effort to partner with law enforcement

to conduct community seminars open to all regarding various fraud topics. They

have also created county taskforces to address the issues of elder abuse to

provide a response plan for elder abuse and develop a network of contacts for the

members.

Fifth Third Bank conducts a program which informs and offers protection from

elder financial abuse. Fifth Third works regularly to protect assets, prevent losses,

and safeguard information through customer interaction. By getting to know their

customers, they are able to watch out for unusual activities. They also pay close

attention when seniors come into a banking center for service by observing if they

have someone with them, noticing if they seem uneasy, and noting if the

transaction is unusual in nature. They will then take immediate action to safeguard

the customer.

First Horizonis kicking off a program to prevent identity theft in their headquarters


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city of Memphis. In partnership with the Memphis Police Department, County

Sheriffs Office, and the District Attorney Generals Office, employees will make

presentations at retirement communities and other groups regarding how to

protect their finances. These presentations will also be made free to anyorganization interested in identity theft prevention.

Regions Financial is providing communication and instructor led training to all

associates focusing on elder financial abuse prevention. By September 30, 2012,

every Regions associate will complete training on how to prevent, detect and

report elder financial abuse. Regions has a long standing commitment to elder

protection efforts. Since 2003, Regions has invested in the Senior Housing Crime

Prevention Foundation, a nonprofit whose mission is to protect vulnerable seniors

in housing facilities in various locations across our footprint and to provide ongoing

crime prevention programs for senior housing residents.

The Principal Financial Group has provided grants to support WesleyLife

Community Services' Money Management programsince 2007. This no-cost

program promotes independent living for low to moderate income older adults and

persons with disabilities who are at risk of victimization because they cannot

manage their own finances. WLCS-Money Management program curriculum was

designed by AARP which provides training, evaluation and technical support.

Nationally, this program helped 6,000 adults in 2010 with a 98% satisfaction with

service rate.

Wells Fargo has developed training and informational content for distribution. This

includes periodic articles which are distributed via internal channels. Additionally,

their Regulatory Affairs group has coordinated and hosted regional Elder Financial

Abuse Symposiums in various cities around the country. This group will also

conduct ongoing meetings with regulars such as FINRA, SEC and State, and is in

regular contact with State APS.

On June 14, Roundtable and BITS staff were guests of a White House symposium in

recognition of World Elder Abuse Awareness Day. For the materials distributed by


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Documents

Fast Facts: Financial Exploitation of the Elderly