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ABA and AARP Team Up to Protect Seniors from Financial Abuse

ABA, through its Community Engagement Foundation, and AARP intend to work together in a two-year commitment to the Clinton Global Initiative to help protect older Americans from financial abuse and exploitation. Senior fraud accounts for $2.9 billion in losses each year—and could grow as the population ages.

Together, ABA and AARP bring enormous resources to the fight against senior fraud. Older Americans trust their bankers because bankers are constantly looking out for illegal or suspicious financial activity in their customers’ accounts. Banks are on the front lines of fighting senior financial abuse.

By collaborating with AARP, which speaks on behalf of more than 37 million older Americans, the banking industry can leverage its anti-fraud resources to help customers protect themselves and help caregivers protect those in their care.

As part of the commitment, ABA and AARP plan to conduct research on fraud, financial caregiving and senior-friendly banking. ABA will also create resources to help bankers discuss fraud prevention with their customers and to make bank branches more senior-friendly.

During year one, ABA and AARP plan to gather information on existing banking practices and survey consumers. In its second year, the two organizations will launch a nationwide campaign to reach more than one million older Americans and their financial stewards.

To stay informed of this effort, read the CGI commitment online​ and sign up for the Spirit of Banking e-newsletter.

CGI America (CGIA) convenes leaders to turn ideas into action. CGI America Commitments to Action represent bold new ways that CGI commitment makers address challenges in the United States—implemented through new methods of partnership and designed to maximize impact. Commitments can be small or large, global or local. No matter the size or scope, commitments help CGI America commitment makers translate practical goals into meaningful and measurable results.

Questions? Contact the ABA Community Engagement Foundation for more information.