BankSafe Safeguards Against Exploitation AARP Public Policy Institute

N A- BankSafe Safeguards Against Exploitation

BankSafe is an initiative that empowers financial institutions to protect consumers from financial exploitation and keep retirement savings safe. The average financial exploitation victim loses $120,000-almost the average amount of a 50 year old’s entire retirement savings. So it is not surprising that four out of five older consumers cite fighting exploitation as a motivator in choosing their financial institution. BankSafe has ignited a movement that mobilizes the financial services frontlines to protect Older Americans and their savings-before the money leaves the account. (PDF)

The purpose of this RFP is to find multi-disciplinary, multi-stakeholder collaborative groups (composed of aging advocates that are working in conjunction with financial institutions) to help develop the content of online training for AARP’s BankSafe Initiative. BankSafe empowers financial institutions and the aging network to protect consumers from financial exploitation and keep retirement savings safe Bolstered by consumer demand from older adults, AARP and Oregon Bankers Association are working with the financial services industry to develop an online training course for bank employees. This training is based on the best practices of the Oregon Bankers Association, Barclays UK, and others. Developing this course with the input of financial institutions will ensure that the bank frontlines are trained with state-of-the-art, web-based training with robust and real-world scenarios, gamified activities, and case studies within each module to assist in the learning process. Having access to this training will ensure that banking professionals apply critical thinking and practical skills to recognize common signs of financial exploitation and empower them to take appropriate action. The BankSafe training modules are designed specifically for banking professionals with roles across all levels of financial institutions. It is of utmost importance that frontline employees—namely bank tellers, credit union associates, and their supervisors—find the training to be engaging and empowering, as they are part of the primary defense in preventing financial exploitation of older Americans before money. AARP is issuing up to six $10,000 grants to multi-disciplinary, multi-stakeholder collaborative groups

Promising Practices

(PDF) (PDF)

Resources

(PDF) (PDF) (PDF) Screensaver (coming soon)

Research

(PDF) (PDF) (PDF) (PDF) (PDF)

Institutions Demonstrating BankSafe Principles

Related

Search PPI

Find the public policy institute content you are looking for by entering in search terms below. News Alerts Sign up for alerts on the latest research, events and videos on policy issues. Subscribe

A State Scorecard on Long-Term Services and Supports for Older Adults, People with Physical Disabilities, and Family Caregivers Aging Demographics

One in Three Americans is Now 50 or Older

By 2030, one out of every five people in the United State will be 65-plus. Will your community be ready? Cancel You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. Please return to AARP.org to learn more about other benefits. Your email address is now confirmed. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. You can also by updating your account at anytime. You will be asked to register or log in. Cancel Offer Details Disclosures

Close In the next 24 hours, you will receive an email to confirm your subscription to receive emails related to AARP volunteering. Once you confirm that subscription, you will regularly receive communications related to AARP volunteering. In the meantime, please feel free to search for ways to make a difference in your community at Javascript must be enabled to use this site. Please enable Javascript in your browser and try again.