Seniors save a lifetime to build a nest egg. The Financial Services Roundtable wants to help them protect it from financial exploitation.
FACT: Seniors aged 60 or older account for about 15% of the U.S. population, but comprise 30% of financial fraud victims.
FACT: Family members and caregivers steal $2.6 billion from the elderly each year. One in 20 persons 60 or older report financial exploitation by a family member within the previous twelve months.
FACT: Sweepstakes are one of the most common forms of financial fraud, according to the FTC. Seniors lose approximately $35 million a year in fraudulent prizes or sweepstakes alone.
FACT: In 2009, 33,914 seniors aged 60 and older filed complaints for identity theft with the FTC.
FACT: The financial services industry is coordinating to protect seniors’ assets:
- Bank of the West: Partners with the Elder Financial Protection Network and recently produced a documentary titled “Be Wise, Be Aware: Preventing Financial Elder Abuse.”
- Capital One Financial Corporation: Hosts Elder Fraud Seminars in partnership with MoneyWi$e.
- Comerica Incorporated: Annually completes staff training to provide red flags of elder financial exploitation.
- Key Bank: Trains staff to look for financial fraud at Financial Exploitation Workshops.
- TD Bank: Recently hosted an Identity Theft/Elder Abuse Presentation at New York Hospital Queens.
SOURCES: FTC, FDIC, National Institute of Justice, National Adult Protective Services Association, and MetLife Mature Market Institute