Pub. 14 2019-2020 Issue 5

NEBRASKA BANKERS ASSOCIATION 11 or sending duplicate account statements for review. And half of the banks surveyed said they offer in-branch training for older customers on new banking technologies, such as online or mobile banking. In addition to protecting one of our country’s most vulner- able populations, these efforts demonstrate banks’ commitment to their customers and communities and reflect well on the industry. That’s why I’m making sure policymakers are aware of all banks are doing. It’s also why I’mencouragingmore banks to join the fight. With 10,000 Baby Boomers turning 65 every day (a trend that will last until 2030), andwith older Americans holding 70% of deposit balances in the U.S., the elder financial fraud threat is bound to get worse before it gets better. But the more bank- ers are engaged in countermeasures, from educational efforts to fraud monitoring and partnerships with APS, the better off our customers and communities will be. So for those banks that have room to start or grow their efforts in this area, I offer three simple steps: 1. Read the Older Americans Benchmarking Re- port. It tells you what banks in your asset range are doing and spotlights innovative programs. 2. Sign up for Safe Banking for Seniors. This ABA Foundation program provides turnkey presentation Email Rob Nichols at rnichols@aba.com . materials and resources for bankers to use with seniors and caregivers. 3. Enroll in FinEdLink . This is a relatively new service from the foundation that allows us to pair banks with community groups or schools that are interested in hav- ing a banker present age-appropriate personal finance topics, including senior fraud prevention. All of these resources are free to all banks and available at aba.com/Seniors. (Undoubtedly your state association has even more, since state associations have been true pioneers in this field.) Take advantage of these resources so that fewer crooks will take advantage of your customers. As one banker in our survey said, the older generation wants so badly to leave a legacy and remain self-sufficient, but they also are so trusting they don’t always see a scam for what it is. “That’s where our role as bankers is so critical as we … help them navigate these difficult situations to ensure their legacies and livelihoods are protected.” 