First Federal Savings Bank and ICBA Share Tips to Protect Seniors from Financial Abuse
June 15 2024 - 9:00AM
First Federal Savings Bank and the Independent Community Bankers of
America (ICBA) are providing tips for preventing elder financial
abuse in recognition of World Elder Abuse Awareness Day on June 15.
Older Americans lose roughly $3 billion to a growing number of
scams each year, according to the United States Senate Special
Committee on Aging. But only one in 44 cases get reported,
according to the National Adult Protective Services Association,
putting the true cost as high as $35.5 billion annually.
“As financial gatekeepers for the citizens of our community, we
want to arm our customers—particularly those most at risk—with the
knowledge to detect, prevent and report suspicious activity to
safeguard themselves and their loved ones from these insidious
threats,” said Gabbie Wilson, AVP, Marketing Coordinator of First
Federal Savings Bank. “Senior members of our community have worked
hard to build a financial nest egg for their golden years. Ask
First Federal Savings Bank about available resources to help
protect you or your loved ones from scams and exploitation.”
First Federal Savings Bank and ICBA offer the following
suggestions to help curb elder financial abuse:
- Secure privileged information (such as a
Social Security card, passport, financial statements, medical
records, and other legal documents), in a bank safety deposit
box.
- Check your bank accounts and bill statements
carefully. If you notice unauthorized charges or unusual activity,
alert your bank immediately.
- Do not disclose personal information, such as
bank account numbers or PINs, to anyone claiming to be from an
established organization, especially if they ask you to wire
funds.
- Plan to give a trusted person the legal
authority to make financial decisions in your stead if needed.
Ensure your bank has a record of who can manage your money on your
behalf.
- Contact your local adult protective services agency and
law enforcement if you have information about a fraud or
suspect you may have encountered financial abuse.
“Community bankers are trained to spot and stop bad actors and
can be a valuable resource in sharing best practices to help you
avoid becoming a victim,” ICBA President and CEO Rebeca Romero
Rainey said. “Call on these trusted financial stewards to help
identify prevalent scams and halt criminal activity to ensure your
hard-earned plans aren’t ruined by a few bad apples.”
To learn more about elder financial abuse and prevention
strategies, contact First Federal Savings Bank’s Deposit Operations
Department at (812) 492-8200 or visit icba.org/eldercare.
About First Federal Savings
BankFirst Federal Savings Bank was established on
Evansville, Indiana's Westside in 1904. A community bank offering
eight locations in Posey, Vanderburgh, Warrick, and Henderson
County. First Federal Savings Bank is also proud to offer Home
Building Savings Bank locations in Daviess and Pike County.
About ICBAThe Independent
Community Bankers of America® has one mission: to create and
promote an environment where community banks flourish. We power the
potential of the nation’s community banks through effective
advocacy, education, and innovation.
As local and trusted sources of credit, America’s
community banks leverage their relationship-based business model
and innovative offerings to channel deposits into the neighborhoods
they serve, creating jobs, fostering economic prosperity, and
fueling their customers’ financial goals and dreams. For more
information, visit ICBA’s website at icba.org.
Media Contacts
Gabbie Wilson
gwilson@fbei.net
(812) 492-8639
Nicole Swann
nicole.swann@icba.org
202-821-4458
@ICBA_nswann