Banks Concerned Over Elder Abuse
Financial elder abuse is becoming an increasing threat to older populations. Sometimes financial elder abuse is perpetrated by family members, but other times it’s caretakers who are taking advantage of the elderly. Banks have seen the rise in financial elder abuse, and they are growing increasingly concerned over how to keep their elderly customers safe.
Concerns From The Banking Industry
A large portion of the banking industry’s customer base is comprised of older individuals. According to the American Bankers Association, people over the age of 50 make up 61% of all bank accounts in the industry. In addition, this population is responsible for 70% of all deposits. Because older populations are such a large portion of the banking industry, banks are extremely concerned with rising instances of elder abuse.
Sadly, many reports of financial elder abuse go unreported. In some cases, the abuse is never detected. This is extremely common in individuals suffering from cognitive decline. These individuals are extremely vulnerable to abuse. In other cases, the abuse goes unreported because the victims are too embarrassed to come forward. Some individuals don’t report abuse because they are afraid of their perpetrators. They might fear being physically harmed or worry their perpetrator will stop providing them with much-needed care.
Identifying Financial Elder Abuse
Identifying financial elder abuse can be difficult. Because financial elder abuse is very commonly perpetrated by family members, the only party looking out for the victim’s best interest is their bank. Banks are beginning to train employees on the signs of financial elder abuse. Things like unusually large transactions could be signs elder abuse is occurring. Banks are also instituting better protocols to protect against abuse. Many banks are offering view-only accounts for caregivers so they are unable to move or withdraw money. In addition, banks are encouraging employees to report suspected abuse to their supervisors.
Get Help With Elder Financial Abuse
While the banking industry is working to protect patrons from financial abuse, the reality is that it is still happening. If you or your loved is experiencing elder financial abuse, do not wait to contact the elder abuse attorneys at Lopez McHugh LLP. We can help you protect you and your loved ones’ assets and pursue compensation for any abuse suffered. Contact us today to schedule a free consultation.