ABA Offers Tips on Preventing Elder Financial Abuse

To support World Elder Abuse Awareness Day on Sunday, ABA is offering tips to consumers on recognizing and preventing elder financial abuse. “Elderly Americans are increasingly becoming targets for financial exploitation,” said ABA President and CEO Frank Keating. “It is critical that both banks and customers know the warning signs and take precautionary measures to protect seniors and their bank accounts.”

ABA’s tips for seniors included keeping personal information private, shredding unneeded financial paperwork, checking credit reports annually, checking references and credentials of potential financial service providers and building a trusting relationship with bankers and others who handle finances.

ABA also offers member banks a free Frontline Compliance Training course to help frontline employees spot and prevent elder abuse while also protecting the dignity of the senior citizen whom they believe is being harmed. View the tips.