Nacha’s Payments Innovation Alliance, a membership program that brings together diverse global stakeholders seeking to transform the payments industry, has updated its tools to help financial institutions educate the public about the prevalence of elder financial exploitation and how to assist account holders who may have been targeted.
In the United States, people over age 60 lose $38.5 billion due to elder financial abuse annually, with the average loss being $83,000.1 To address this growing issue, the Alliance’s Consumer Financial Exploitation Project Team has developed an infographic providing key statistics on the prevalence of elder financial exploitation, as well as an Elder Financial Exploitation Awareness Financial Institution Checklist designed to help banks and credit unions assist customers who may have been targeted.
“With more than 73 million adults ages 65 and older living in the United States — the highest number in history — addressing the financial exploitation of older adults is of the utmost importance,” said Consumer Financial Exploitation Project Team Co-Leader Mary Gilmeister, AAP, NCP, CEO, PaymentsFirst. “By equipping financial institutions with these resources, we aim to strengthen their ability to safeguard their account holders and provide critical support to those affected by fraud.”
“Educating consumers about scams and empowering them to report financial exploitation is key to protecting vulnerable older adults,” said Gilmeister. “Elder financial abuse impacts families and communities — we must work together to find lasting solutions.”
The release of these resources is intended to help mark World Elder Abuse Awareness Day on June 15, a program created by the United Nations in 2011 to provide an opportunity for communities around the world to promote a better understanding of abuse and neglect of older persons by raising awareness of the cultural, social, economic and demographic processes affecting elder abuse and neglect.
The Alliance’s Consumer Financial Exploitation Project Team is a group dedicated to creating educational resources and tools to enable the industry to combat fraud and collaborate with the broader financial crimes ecosystem, including law enforcement and consumer advocacy groups. To learn more about their elder financial exploitation prevention initiatives, visit nacha.org/consumer-financial-project-team.
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