Le Lézard
Classified in: Science and technology, Business
Subjects: NPT, SVY, SCZ

Incidence of Financial Exploitation Greatly Declines with BankSafe Training, Says First-of-its-Kind Report from AARP and Virginia Tech


WASHINGTON, Oct. 17, 2019 /PRNewswire/ -- Dedicated training for employees of banks and credit unions significantly strengthens the ability to stop financial exploitation incidents before money leaves consumers' accounts, according to a first-of-its-kind research report published by AARP and Virginia Tech's Center for Gerontology.

AARP national logo. (PRNewsfoto/AARP)

The research found that effective education for financial institution employees benefits consumers in terms of both the number of potential exploitation incidents reported and the amount of money saved.

Highlights from the analysis include:

"Defending older Americans from financial exploitation is mission critical to AARP, and we know that the stakes couldn't be higher," said Debra Whitman, executive vice president and chief public policy officer at AARP. "We are excited that so many employees in our nation's banks and credit unions are learning new ways to stop financial exploitation through AARP's training."

The research was conducted as part of a six-month pilot program. More than 1,800 employees from nearly 500 bank and credit union branches in 11 states participated in the research. Participating states included Arizona, California, Colorado, Florida, Georgia, Minnesota, Ohio, Oregon, Tennessee, Utah and Vermont.

During the six-month pilot program, bank and credit union employees who completed the BankSafe training stopped nearly $1 million ($900,915) from leaving consumer accounts. That was 16 times higher than what employees who didn't take the training saved consumers ($54,384). AARP recommends that all consumers talk with their banks and credit unions about the steps they are taking to train their staff to stop the financial exploitation of older adults.

"Education and training of staff are two of the most powerful things banks and credit unions can do to protect older consumers," said Jilenne Gunther, co-author of the research report and AARP's national director of BankSafe. "Our research shows that well-trained frontline employees provide a critical safety net for those most at risk of being exploited."

More than 2,000 financial, legal and law-enforcement professionals advised AARP in the development of the BankSafe training platform. Since launching nationally in May 2019, more than 3 million consumers with approximately $71 billion in assets are being better protected thanks to the BankSafe training.

About AARP
AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence and nearly 38 million members, AARP strengthens communities and advocates for what matters most to families: health security, financial stability and personal fulfillment. AARP also produces the nation's largest circulation publications: AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org or follow @AARP and @AARPadvocates on social media.

SOURCE AARP


These press releases may also interest you

at 07:49
In the news release, Roborock Reports 2023 Full Year Financial Results, issued 28-Mar-2024 by Roborock over PR Newswire, we are advised by the company that in the first bullet point of "Growth across Product Categories", the USD amount should read...

at 07:35
Ant International and Capital A Berhad, owner of AirAsia, have formed a strategic collaboration in various areas, exploring to integrate more local payments methods and providing payment orchestration services to Capital A's platforms, work on...

at 07:00
Palantir Technologies Inc. today announced that it was selected by the Defense Information Systems Agency (DISA) to deliver an Electromagnetic Battle Management - Joint Decision Support (EMBM-J DS) Prototype. This effort will provide the Department...

at 06:30
The Actuators market is estimated at USD 67.7 billion in 2024 and is projected to reach USD 94.8 billion by 2029, at a CAGR of 7.0 % from 2024 to 2029 according to a new report by MarketsandMarketstm. The growth can be attributed to growing...

at 06:13
JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") , one of the largest and most innovative solar module manufacturers in the world, today announced that since March 20, 2024, the Company has repurchased 788,178 American depositary shares...

at 06:05
AIS Healthcare, a leading provider of targeted drug delivery (TDD) and infusion care solutions, is proud to recognize March 25-31 as National Physicians Week. This week and throughout the year, we celebrate the dedication of physicians who selflessly...



News published on and distributed by: