WASHINGTON—Today, AARP announced the 115 banks, credit unions and financial advisory firms that earned a seal from AARP recognizing the steps they’ve taken to stop financial exploitation. A list of the financial organizations that earned the 2022 seal can be found at aarp.org/banksafe.
The financial organizations earning the seal trained more than 80% of their frontline staff on AARP’s award-winning BankSafe training platform and actively implemented a policy to report suspected financial exploitation. They also were confirmed by AARP to be in good standing based on a review of Better Business Bureau ratings as well as legal and regulatory activity.
“These financial organizations provide a critical line of defense to protect the life savings of their older customers, members and clients,” said Jilenne Gunther, National Director of AARP’s BankSafe Initiative. “Access to employee education, intervention tools, and trainings like BankSafe is an important resource for protecting older adults and all consumers from financial exploitation.”
Based on a Virginia Tech study from October 2019, it is estimated that BankSafe-trained employees helped stop more than $110 million from being stolen from the accounts of older adults. Currently, BankSafe-trained employees of these financial organizations are better protecting their some 80-million customers, members and clients.
Today also marks the release of a major upgrade to the training that is available at no cost to banks, credit unions and financial advisors in the United States. The training upgrade not only includes all-new interactive scenarios, victim testimonials and gamified elements, but also has increased the training’s focus on empathy through a variety of new features. The upgraded training features a more modern look and feel, improved system navigation, and increased reporting capabilities for financial organizations, as well.
More than 2,000 professionals from the financial industry, trade associations, adult protective service agencies, non-profits, government organizations, regulators and the legal field helped AARP in the development of the training. The BankSafe Trained seal is not a product or service endorsement, but indicates that a financial institution’s frontline employees have been substantially trained in financial exploitation prevention.
AARP is the nation’s largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence and nearly 38 million members, AARP strengthens communities and advocates for what matters most to families: health security, financial stability and personal fulfillment. AARP also produces the nation's largest circulation publications: AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org, www.aarp.org/espanol or follow @AARP, @AARPenEspanol and @AARPadvocates, @AliadosAdelante on social media.