A recent study published by MetLife Mature Market Institute estimates that the financial loss by victims of elder financial crimes and exploitation is more than $2.9 billion a year with approximately 2 million seniors being exploited. Awareness of elder financial abuse is growing and bankers are often relied upon as the front line of defense in the protection of bank customers, and as a provider of prevention education and information for their elderly customers and their adult children.
As the provider of the Senior Crimestoppers program, people rely on the Foundation as a resource for information on a wide range of issues both inside and outside of a traditional long-term care setting. The knowledge of the older American population and their challenges led to the production of the “Preventing Elder Financial Abuse Video Toolkit.”
“Elder financial abuse is a rapidly growing problem in our country, and we are dedicated to providing educational resources to help our nation’s seniors and their family members on ways to protect themselves against financial exploitation,” said Peter Gwaltney, chairman, president and CEO of the Senior Housing Crime Prevention Foundation. “It’s vital that everyone help spread the word on ways to prevent elder financial abuse to prevent exploitation of senior citizens and their families.”
The “Preventing Elderly Financial Abuse Video Toolkit” is a tool to educate family, friends, those in social organizations and communities at large on how to look for signs of elder financial abuse and how to prevent it. The video information was extracted from the FDIC/CFPB Money Smart for Older Adults so it is reliable, accurate and timely. There is no need for taking extensive notes during the presentation because all of the important “take-away” information is contained in handouts received during the presentation.
As an additional resource invite local law enforcement, a trusted attorney, a trusted financial advisor, and the local office of Adult Protective Services to attend the event to help answer specific questions during the question and answer part of the presentation. Now every banker can be a hero for providing valuable financial education information to seniors and their family members in the local community.
Because the Foundation’s mission is to provide safety and security to low-and-moderate income elderly residents, it serves as a way for banks to earn Community Reinvestment Act (CRA) credit in the form of CRA-qualified loans, investments or grants. Funded exclusively by the banking industry, they are endorsed by the ICBA, the ABA and state bankers associations in 38 states.
For more information about the Senior Housing Crime Prevention Foundation or ordering the Preventing Elder Financial Abuse Toolkit visit www.SHCPFoundation.org or call (877) 232-0859.
