Skip to content

How the Senior Safe Act Protects Your Finances

October 21, 2021

From the Kiplinger website

Few seniors know it but they have a special layer of defense against fraud: employees of financial services firms who are trained to spot and report suspected financial abuse of customers over age 65. 

Although frontline employees have been asked to flag suspicious behavior to authorities for years, the Senior Safe Act of 2018 made it easier for financial institutions to work with prosecutors. “Elder fraud is a complex issue,” says Sam Kunjukunju, senior director of bank community engagement with the American Bankers Association Foundation. “The whole purpose of [the law] is to encourage a collaborative effort.”

The National Council on Aging estimates that financial exploitation costs older adults between $2.6 billion and $36.5 billion each year. Many victims never come forward. The National Adult Protective Services Association estimates that only 1 in every 44 cases of financial abuse is even reported. 

Learn more

From → Finance

Comments are closed.