The American Bankers Association and AARP are planning to work together to protect older adults from financial exploitation.
As part of this two-year partnership, AARP and ABA will conduct research on fraud, financial caregiving and age-friendly banking. Based on this information gathering, the organizations will create resources for bankers to discuss fraud prevention against older Americans and ways to make branches more appealing for these customers.
The partnership will also mobilize bankers in communities nationwide to educate older Americans and their caregivers about ways to protect their assets during retirement.
A study from MetLife estimates that victims of elder financial abuse lost about $2.9 billion in 2010, up 12% from two years earlier.
AARP and ABA are hoping this national campaign to prevent financial crimes against older Americans and their financial caregivers will reach at least 1 million people.
"AARP hopes to help banks to become more attuned to the needs of their customers as they age," said Debra Whitman, executive vice president for policy, strategy and international affairs at AARP.