For bankers who may not be as well-versed as our hero or would like additional information on elder financial abuse, we hope the following statistics underscore the critical need for vigilance and protective measures to safeguard older adults from financial exploitation: • Approximately 5.2% of seniors experience financial fraud or exploitation each year. • Older adults lose more than $36.5 billion annually to financial fraud. The average loss per incident is around $35,101. • Between June 2023 and January 2024, there were about 15,993 reports of elder financial exploitation per month. • Seniors with disabilities are nearly twice as likely to experience financial abuse. Additionally, nonwhite seniors are 200% more likely to be victims compared to white seniors. Today, bankers often find themselves becoming cybersecurity superheroes, providing cyber education to their customers via their website, social media and often over the phone for individuals who are victims of identity theft or email compromise. As trusted cybersecurity experts, bankers play a crucial role in preventing elder financial abuse by implementing effective strategies such as: • Training employees to recognize signs of financial abuse, such as unusual withdrawals, sudden changes in account activity or new authorized signers. • Encouraging customers to designate a trusted contact person who can be notified if suspicious activity is detected. • Working closely with local Adult Protective Services (APS) and law enforcement to report suspected abuse and expedite investigations. • Offering educational programs. Well-trained bankers are positioned to prevent and respond to elder financial abuse. They play a key role because they know 23 NEBRASKA BANKER
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