Protecting the Elderly from Financial Exploitation

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.

Click here more some helpful tips and best practices for how seniors can avoid financial fraud.  The Roundtable has created a resource packet about how to protect seniors assets.

SOURCES: FTC, FDIC, National Institute of Justice, National Adult Protective Services Association, and MetLife Mature Market Institute

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