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The Oregon Bankers Association (OBA), Oregon's only trade association dedicated to the banking industry and its customers, is celebrating World Elder Abuse Awareness Day on June 15 by shining a spotlight on varous resources available to financial institutions to combat the financial exploitation of older adults.
Elder financial exploitation affects an estimated 10-20% of older adults and leads to billions of dollars in losses each year. These abuses have spiked over the past few years at alarming rates. Often, bankers are the first ones to notice suspicious activities and are well positioned to combat these crimes.
"Preying on older adults and exploiting their vulnerabilities in order to steal from them is such an agregious crime. Unfortunately, it is also increasingly common," says Linda Navarro, president and CEO of the Oregon Bankers Association. "It takes every single one of us to proactively identify potential abuse and take action if we are to stop these abusers before the damage is done."
There are many resources available to financial institutions to help recognize and report potential abuse, including:
OBA's Preventing Elder Financial Exploitation Toolkit
A free, comprehensive toolkit for bankers that includes a training manual and videos with information about how to recognize and report possible elder financial exploitation. The videos contain scenarios in bank settings based on actual events experienced by Oregon bankers.
AARP's BankSafe Program
A free national online training platform for financial instutions developed in collaboration with more than 2,000 industry professionals to help financial institution employees identify and stop suspected financial exploitation.
Webinar: Ways to Recognize and Combat Elder Financial Exploitation
A free webinar hosted by the American Bankers Association and the Department of Justice about recognizing behavioral and financial red flags of elder financial exploitation. The webinar takes place June 14 from 11:00 a.m. to 12 p.m. PDT. Register here.
In addition to these banker resources, OBA offers these tips to help older Americans protect themselves from financial abuse:
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Secure private information(such as Social Security card, passport, bank account numbers, financial statements, medical records, and other legal documents), in a bank safety deposit box or other secure location.
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Check your bank accounts and bill statementscarefully. If you notice unauthorized charges or unusual activity, alert your bank immediately.
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Do not disclose personal information, such as bank account numbers or PINs, to anyone, especially if they ask you to wire funds.
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Ask your bank about available resourcesto help protect you or your loved ones from scams and exploitation.
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Plan aheadby giving a trusted person the legal authority to make financial decisions for you if you are unable. Make sure your bank has a record of who can manage your money on your behalf.
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Contact your local adult protective services agency and law enforcement if you have information about fraud or suspect you may have encountered financial abuse.
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Reporting Abuse
If you suspect elder abuse, neglect, or exploitation in the state of Oregon, call 1-855-503-SAFE (7233). This is a statewide hotline to report abuse or neglect of any adult or child to the Oregon Department of Human Service?s (ODHS). In an emergency, call 911 or the local police. For more information about reporting abuse in Oregon, visit the ODHS website.
If the potential victim lives in another state, information and referral is available from the national Eldercare Locator, a public service of the U.S. Administration on Aging. Call 1-800-677-1116, Monday through Friday 5:00 a.m. to 6:00 p.m. PDT or click hereto chat with one of their information specialists.
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