Resources for Banks for Elder Financial Abuse, Scams

10/02/24

The OBL has heard from bank's around the state that fraud has been top of mind going into 2025. With the enhancement of technology, fraud and scams pose an even greater threat to banking customers, especially the elderly or aging population. Here are some resources to help educate your bank customers on the different types of scams, how to prevent occurrences and what to do in cases where someone falls victim to a scam.

Ohio Attorney General's Elder Justice Unit: https://www.ohioattorneygeneral.gov/individuals-and-families/seniors/elder-abuse

Attorney General Dave Yost is committed to protecting older Ohioans who are being exploited or harmed. The Elder Justice Unit helps protect our state's older adults and enhance elder abuse victims' access to vital criminal justice services.

In 2014, the Ohio Attorney General launched an Elder Justice Unit to increase the investigation and prosecution of elder abuse cases and to improve positive outcomes for older Ohioans. The Unit is a collaborative effort among the Crime Victim Services, Consumer Protection, Health Care Fraud, and Special Prosecutions sections, and the Bureau of Criminal Investigation (BCI). The team helps local communities with investigations, forensic analysis, case presentation and prosecution, outreach, trainings and technical assistance.

The goal of the Elder Justice Unit is to connect victims and those with concerns relating to suspected elder abuse and/or crimes with local and state agencies that may be able to provide resources or guidance to the victims and their families or take steps to prevent future acts of abuse.

Elder Justice Unit - Services

Also available on this site are brochures and flyers that can be given to customers about elder financial abuse, phone scams and cyber smarts.

CFPB Resources on Financial Scams, Fraud and Elder Expolitation: https://www.consumerfinance.gov/consumer-tools/educator-tools/resources-for-older-adults/protecting-against-fraud/#resources-for-financial-institutions

Financial institution staff are critical in the fight against financial exploitation as they may be one of the first to notice suspicious activity. These resources can help bankers, credit union staff, and others serve customers, clients, and members as they age. Here you can find resources to download and present to your aging customers, or customers of any age that could use additional education on the types of scams being seen in the financial industry.

AARP Fraud Watch Network: https://www.aarp.org/money/scams-fraud/about-fraud-watch-network/

AARP Fraud Watch Networkis a free resource for all. With AARP as your partner, you'll learn how to proactively spot scams, get guidance from our fraud specialists if you've been targeted, and feel more secure knowing that we advocate at the federal, state, and local levels to protect consumers and enforce the law. On this site you will find all sorts of valuable resources to educate customers of the latest scams, including AI. Additionally, AARP Fraud Watch Network has a YouTube channel that would be a valuable resource for banks looking to educate their customers through their online or digital platforms. You can find it here: https://www.youtube.com/@AARPFraudWatchNetwork. Lastly, AARP has a BankSafe Initiative that banks can use as a resource: https://www.aarp.org/ppi/banksafe/?Intcmp=AE-FRDSC-ABT-BNKSF/

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