Source: American Bankers Association

Older adults lose billions of dollars to financial exploitation annually, and it’s getting worse. Elder financial exploitation — the illegal or improper use of an older person’s funds, property, or assets — is a devastating crime. Victims of such abuse can lose the ability to pay for necessities like food, housing, or medicine. The exploitation can also take an emotional toll, causing intense fear, shame, anxiety, and depression.

• 1 in 5 seniors estimated to be a victim of financial exploitation
• $120,000 average per person loss
• 84% increase in losses among victims age 60 and older between 2021 and 2022 (Source: FBI Internt Crime Complaint Center)

How Banks Are Responding

By 2030, 20% of America will be age 65 or older— it’s critical to address the issue now. According to the 2021 ABA Foundation Older Americans Benchmarking Report:

• 99% offer training to customer service representatives on how to detect and report elder financial exploitation
• Nearly 50% host community education events
• 78% report elder financial exploitation to Adult Protective Services
• 77% flag accounts internally for continuous monitoring of exploitative activity
• 68% help customers close accounts and open new ones due to suspected elder fraud

How Your Bank Can Help

• Start a senior financial education program
• Partner with law enforcement and Adult Protective Services
• Connect with local nonprofits, community groups, and religious institutions to educate seniors
• Train bank staff to detect, report, and combat elder financial exploitation

Where to Start

Access everything you need to serve and protect older customers in your community. Whether you’re interested in federal advisories, banker training, consumer outreach materials, helpful guides, or other resources, visit aba.com/OlderAmericans.