WASHINGTON—Twenty-seven credit unions are among 86 financial institutions and financial advisory firms that have earned a seal from AARP recognizing the steps they’ve taken to help stop financial exploitation.
The financial institutions earning the BankSafe seal trained more than 80% of their frontline staff on AARP’s BankSafe training platform and have actively implemented policies to report suspected financial exploitation. They also were confirmed by AARP to be in good standing based on a review of Better Business Bureau ratings as well as legal and regulatory activity.
“Our research shows that financial professionals trained by BankSafe save 16-times the amount of money from being stolen from older adults than their peers,” said Jilenne Gunther, national director of AARP’s BankSafe Initiative. “These financial institutions are doing vital and impactful work to better protect older adults from exploitation.”
Significant Fraud Stopped
According to AARP, in 2020, individuals trained on its BankSafe financial-exploitation-prevention training platform stopped more than $19 million from being stolen from the accounts of older adults. In addition, these individuals are better protecting nine-million consumers from exploitation, AARP said.
The training, available at no cost financial institutions, combines AARP’s understanding of the needs and desires of older adults with the access and services of the financial industry. The training was refreshed at the beginning of 2021 with new interactive scenarios and activities, AARP reported.
CUs That Earned Seal
The credit unions that earned the BankSafe seal include:
- All In FCU
- Bragg Mutual FCU
- Carolina Foothills FCU
- Country Financial Credit Union
- Denver Community CU
- Department of Commerce FCU
- Elliott Community FCU
- Ent CU
- Freedom FCU
- Glacier Hills CU
- Hughes FCU
- IRCO Community FCU
- Jemez Valley CU
- Members First CU
- Meridian Trust FCU
- Montana CU
- NRL FCU
- PHELPE FCU
- San Antonio Citizens FCU
- Service One CU
- Sioux Valley Community U
- Tampa Bay FCU
- Tongass FCU
- Tower FCU
- Utica District Telephone EFCU
- Vantage West CU
- Westex Community CU