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Good For Business: Making The Case To Fight Financial Exploitation

Good for Business: Making the Case to Fight Financial Exploitation

Financial exploitation is an issue that demands financial institutions’ attention. Banks lose an estimated $1 billion annually and rising in deposits. Thieves especially target older Americans (those over 50), with good reason – these customers own two-thirds of all bank deposits. An estimated 1 in 5 older Americans are victims of financial exploitation.

Despite these statistics, many financial institutions may not immediately see the business case for fighting exploitation. Executives and managers may believe that the additional training, manpower, and corporate focus on this issue may not deliver the return on investment that other initiatives can provide. Some may even feel that customers are responsible for protecting themselves from scams and other forms of exploitation.

As we celebrate the 12th anniversary of World Elder Abuse Awareness Day we applaud the leadership of many financial institutions that have voluntarily developed simple yet effective solutions to fight exploitation. Financial institutions like First Financial of Texas, Suncoast Credit Union, Barclays UK, Lloyds of London, and Bank of American Fork to…

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