March 07, 2024
By AARP
Washington, DC—(Highpoint Digest) – Yesterday, AARP announced the 167 banks, credit unions and financial advisory firms that earned the BankSafe Trained Seal in recognition of the steps they’ve taken to curb financial exploitation.
This represents an almost 25% increase in the number of seal recipients since last year. Notably, more than one-third of this year’s recipients have earned the seal at least three times in the last five years. A list of the financial organizations that qualified for the 2024 BankSafe Trained Seal can be found here.
“These financial organizations continue to take meaningful steps to ensure their staff have the tools, skills and confidence to spot and stop financial exploitation before money ever leaves an account,” said Jilenne Gunther, National Director of AARP’s BankSafe Initiative. “Many of these organizations have earned the Trained Seal for three or four consecutive years.”
Based on a Virginia Tech study, it is estimated that BankSafe-trained employees have helped prevent nearly $300 million from being stolen from the accounts of older adults since 2019. These BankSafe-trained employees play a crucial role in protecting over 230 million customers across the U.S.
To earn the esteemed seal, organizations must ensure over 80% of their frontline staff complete AARP’s comprehensive BankSafe training, alongside actively pursuing policies to address suspected financial exploitation. Eligibility for the seal also requires a positive standing in Better Business Bureau ratings and adherence to specific legal and regulatory standards.
A June 2023 AARP report found that at least $28.3 billion a year is stolen from adults over the age of 60 in the U.S. This report underscores the importance of empowering financial organizations and their employees to recognize and act against financial exploitation.
The BankSafe Trained Seal is not a product or service endorsement but indicates that a financial institution’s frontline employees have been substantially trained in financial exploitation prevention. Training courses for each respective industry are available at no cost to banks, credit unions and financial advisors in the United States.
More information about AARP’s BankSafe trainings and resources, including how to sign up for the training, can be found at aarp.org/banksafe.
Source: AARP
Image courtesy of AARP
