Financial exploitation is an issue that demands financial institutions’ attention.
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.
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.
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 name a few are making dedicated efforts to fight financial exploitation because it makes good business sense.
One small community bank prevented an estimated $1 million in losses in just one year.
In addition, fighting exploitation often results in positive press coverage for financial institutions.
A new AARP report, “Join the Fight: Why Financial Institutions Should Fight Exploitation and Protect Savings,” presents the business case for anti-exploitation efforts.
Using these principles banks can learn that fighting exploitation is good for business and for their older customers.