Business & Finance

Letters to the Editor

The Banking Industry is the Frontline for Protecting the Elderly from Financial Abuse


Older Americans are increasingly becoming targets for fraud and financial exploitation. Persons over the age of 50 control more than 70% of the nation’s wealth. Many seniors do not realize the value of their assets (particularly homes that have appreciated markedly).*

Fraudsters target older Americans because they may be experiencing cognitive decline, limited mobility or other disabilities that require them to rely on others for help. Seniors who live in isolation and have chronic conditions have become even bigger targets.

Banks are often the front line of defense in protecting their elderly customers from financial abuse so bankers are trained to look for signs that may indicate abuse.

Sign Up for E-News

Banks are well-positioned to detect, prevent and report elder financial abuse. They continuously enhance their capacity to spot elder financial abuse through on-going training and enhanced fraud detection technologies. Frontline staff members observe and engage customers on a daily basis, enabling them to serve as one of the first lines of defense. Banks maintain a wide variety of internal protocols and procedures to protect customers from this abuse. The types of warning signs bankers look for include unusual account activity, unpaid bills or eviction notices, suspicious signatures, new “best friends,” and new powers of attorney or altered wills.

Everyone can use these warning signs to help protect relatives, friends and neighbors. The best way to protect your loved one is to watch out for red flags and help them take simple steps to safeguard their personal information.

NJBankers is doing its part to help by partnering with Senior Crimestoppers ( ) whose mission is to keep nursing home residents free from theft, abuse, neglect, financial exploitation, and other crimes and actions. The banking industry funds the entire program. 

No one who has worked a lifetime for their assets should have to be subjected to financial exploitation. If you suspect elder financial abuse, we encourage you to speak with local police and Adult Protective Services in the appropriate town to report the issue.

The opinions expressed herein are the writer's alone, and do not reflect the opinions of or anyone who works for is not responsible for the accuracy of any of the information supplied by the writer. Click here to submit a Letter to the Editor.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News


Paterson Students Speak Out Against Gun Violence

March 16, 2018

Dear Editor:

I want to give a special thanks to Paterson Public Schools Superintendent Eileen Shafer for giving endless support to our students during the student's protest to walk out their school against gun violence yesterday. Our schools participated and their voices were heard. The goal was to spend 17 minutes to honor each victim of the Parkland, Florida, tragic mass ...

Recently Passed County Budget Built on 'Fiscally Sound Policies'

March 15, 2018

PATERSON, NJ – Saying it reflects “fiscally sound policies, strong budgetary flexibility, proactive increases to manage volatile expense line items, including significant reserves for workers’ compensation, health benefits, and liability insurance, and an overall net debt of 1% of market value,” the Passaic County Board of Chosen Freeholders adopted the 2018 budget on ...

Fairytale Marriage Proposal Takes Center Stage at St. Patrick’s Day Parade

March 16, 2018

SOMERVILLE, NJ – A surprise engagement took center stage at last weekend’s St. Patrick’s Day Parade in Somerville. In the midst of the March 11 festivities, Piscataway resident Steven Verardi boarded a float and popped the question to his girlfriend Elise Latona, marking the first known engagement to take place at the parade in 27 years.

Since opening The Beauty Bar ...