Carefull, Alzheimer's Association create education campaign

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Fintechs, banks and nonprofit organizations are spreading awareness about the risks of elder fraud and cognitive decline this month, with June being Alzheimer's and Brain Awareness Month and June 15 recognized as World Elder Abuse Awareness Day.

Elderly people often face an assortment of challenges in handling their finances, from the risks of fraud or scams to the challenges of cognitive decline. A growing group of fintechs and financial institutions are offering or using "agetech" — technology designed to assist the needs of older adults. 

For example, the neobank Charlie Financial and the fintech company EverSafe target seniors and their families with products designed to help elderly customers keep their hard-earned money safe.

Carefull, a fintech that provides a financial platform for seniors and their families somewhat similar to EverSafe's, partnered with the Alzheimer's Association this week to raise awareness of the financial warning signs of cognitive decline. The Alzheimer's Association now provides information and resources on Carefull's website aimed at helping families affected by dementia navigate financial challenges while still preserving elderly individuals' financial independence and well-being.

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"We're committed to working with organizations that share our mission to protect and support older adults and their families," said Todd Rovak, co-founder of Carefull. "This effort is about helping families see what's happening sooner and act with confidence. Alzheimer's disease comes with a daily financial reality for families, and we are beyond proud to be working with the Alzheimer's Association to ensure financial safety is part of the cognitive health conversation."

Missteps in managing finances — like missed payments, unusual generosity and rising credit debt — can be an early signal of cognitive decline, according to research published by the University of Nottingham on Friday. Even subtle but significant changes in financial behavior, such as reduced spending on travel, increased household bills and more frequent requests to reset PINs, appeared in the study as early indicators of financial incapacity.

The Nottingham study and research from other institutions suggest that these behaviors, which could surface several years before a clinical diagnosis, can be detected by financial institutions that monitor older customers' financial transactions. EverSafe and Carefull both offer tracking services and flagging alerts to families wanting to monitor their elderly relatives' financial activity.

Each year, more than 900,000 Americans develop Alzheimer's disease and 7.2 million people aged 65 and older currently live with some form of the illness, according to the Alzheimer's Association's 2025 Facts and Figures report. Behind these diagnoses of Alzheimer's or dementia is a network of nearly 12 million unpaid caregivers that provide more than 19 billion hours of care annually in the U.S. 

AARP launched on Thursday its BankSafe Dementia Hub, a free online platform designed to equip financial institutions with tools and resources to serve and protect customers impacted by dementia and cognitive decline.

"With nearly one in 10 older Americans currently living with dementia and a growing aging population, financial exploitation and mismanagement are critical concerns for the financial industry," said Jilenne Gunther, the national director of AARP's BankSafe initiative.

The risk of bank fraud impacts both elderly people struggling with degenerative brain conditions and seniors who are neurologically healthy. According to the Independent Community Bankers of America's CRA Solutions (an ICBA subsidiary that develops products for complying with the Community Reinvestment Act), financial institutions lose over $1 billion in deposits due to the exploitation of Americans over the age of 50 and victims of elder financial exploitation lose an average of $120,000.

"This growing issue threatens the financial stability of some of our most vulnerable citizens," ICBA CRA Solutions Chairman Robert Fisher said. "Community bankers are uniquely positioned to intervene by offering guidance, monitoring accounts for suspicious activity, and empowering seniors and caregivers with resources to protect their hard-earned savings."