Pub. 9 2019-2020 Issue 4

4 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S — H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S www.coloradobankers.org BY JOANNE SHERWOOD, 2019-20 CBA CHAIRMAN, PRESIDENT AND CEO, CITYWIDE BANKS Banks Are Ramping Up Protections for Elderly Customers — and It’s Good for Everyone’s Finances CHAIRMAN’S MESSAGE L a s t Fa l l , a s u r ve y c onduc t e d by t he Ame r i c a n Ba n k e r s A s s o c i a t i on Fou nd a t i on s howe d t h a t 90% of Amer ica’s bank s of fer t ra ining for f ront - l ine staf f on prevent ion of elder f inancia l exploitat ion. The survey results also show that banks use a number of tools to safeguard their older customers, including automation, designated staff oversight, placing holds on suspicious transactions, account flagging and reporting incidents to adult protective services. Banks also close existing accounts and open new ones for targeted customers. Lastly, the number of banks reporting that they host community outreach and education events for older customers increased by nearly 10% — from 47% of banks to more than 56% — over 2017 reports. One in five older Americans are victims of financial exploitation and each victim loses more than $120,000 on average. Financial institutions lose an average of $1 billion nationwide every year. We are all trying to do more with less — and our most valuable commodity is time. With that in mind, groups including the ABA and the American Association of Retired Persons have developed streamlined and free-of-cost training for front line employees to assist their older customers, families and caregivers in detecting and preventing financial abuse and exploitation of American seniors.