WASHINGTON— The AARP has released a new online training module it said helps financial institution employees identify and stop suspected financial exploitation during the pandemic.
“As the coronavirus poses significantly greater health risks to older Americans, it is also triggering a wide array of financial scams, fraud and exploitation specifically tailored to our country’s most vulnerable population,” AARP said.
As part of the AARP BankSafe Initiative and coinciding with World Elder Abuse Awareness Day, the organization said the new section, which is part of a major upgrade to its BankSafe training platform, will help financial institutions act fast to protect the assets of consumers. The training includes interactive videos, scenarios and activities specifically designed to help banks and credit unions respond to exploitation trends identified as a result of the coronavirus.
Capitalizing On Fears
“As perpetrators are capitalizing on our anxiety and fears caused by the pandemic, it’s essential for employees of our nation’s banks and credit unions to be prepared to stop financial exploitation,” said Jilenne Gunther, AARP’s national director of BankSafe. “The stakes couldn’t be higher, and this training is crucial in helping them better protect older Americans’ savings.”
AARP noted that every year financial institutions lose more than $1 billion in deposits due to the exploitation of Americans over 50 years of age. While Americans 50-plus are roughly a third of the U.S. population, they control more than two-thirds of U.S. retail bank deposits.
Launched in May 2019, the BankSafe training, available at no cost to banks and credit unions, has enabled financial institutions to better protect seven million consumers and stop nearly $17 million from potential exploitation, AARP said.
Collaboration With CUNA
AARP BankSafe collaborated with CUNA and the Independent Community Bankers of America (ICBA) along with a host of state and local organizations, teamed with AARP to encourage their members to participate in the training, significantly expanding the impact of BankSafe, AARP added.
For info: aarp.org/banksafe.