Karen Biddle Andres’ Post

NCOA is proud to join The Aspen Institute Financial Security Program's National Task Force for Fraud & Scam Prevention! This monumental initiative brings together leaders from government, law enforcement, private industry, and civil society to combat #Fraud and build trust in our financial system. Fraud and scams are rising threats to Americans' safety and financial health, impacting our economy and national security. According to the Federal Trade Commission, fraud losses topped $10B in 2023. This task force aims to educate consumers, prevent and detect fraud, and help rebuild public trust in our financial system. Learn more about our mission to protect consumers and restore trust in our financial system. 👇 https://lnkd.in/d-RyxvND

🚨 Announcing the National Task Force for Fraud & Scam Prevention 🚨 Today, we at The Aspen Institute Financial Security Program are launching a trailblazing initiative to combat financial fraud and scams and help rebuild trust in our financial system. This multi-sector partnership will unite leaders from government, law enforcement, private industry, and civil society to develop a comprehensive, nationwide strategy aimed at preventing fraud and scams. 🎯 The Task Force’s mission: * Consumer Education – launch a public education campaign to help consumers spot and report scams. * Prevention and Detection – enhance intelligence on the latest scams and tactics, and share best practices across sectors for mitigating harm to consumers. * Recovery and Prosecution – collaborate with consumer protections and law enforcement to expose criminals, helping to rebuild personal finances and public trust. Together, this work can help keep money in the pockets of hardworking Americans, strengthen households’ financial security, and help address society’s growing trust deficit. 👉 For more information about the National Task Force for Fraud & Scam Prevention, please visit https://lnkd.in/eX5Erkvi. The Aspen Institute, Ida Rademacher, Kate Griffin

The National Consumer League is excited to partner with the Aspen Financial Security Program (Aspen FSP) a new task force dedicated to addressing the increasing threat of financial fraud and scams. These crimes undermine public safety, financial health, and trust in our institutions, affecting consumers of all ages, especially the most vulnerable. Our task force will focus on: ✅ Educating consumers to recognize and report scams ✅ Strengthening detection and prevention efforts across financial services, retail, and social media ✅ Aligning policies and regulations to enhance fraud prevention and recovery ✅ Collaborating with law enforcement to prosecute criminals and return funds to victims This initiative brings together stakeholders from various sectors to create actionable solutions towards a safer and more secure financial environment for all of us. #FinancialFraud #ConsumerProtection #AspenFSP #PublicSafety #FinancialSecurity

June is Elder Abuse Awareness Month. Elder Financial Exploitation (EFE) is a serious form of abuse. According to data released by Financial Crimes Enforcement Network, US Treasury earlier this year, financial institutions reported $27 billion in EFE-related suspicious activity from 2022-2023. As financial institutions, it is important that we work to protect all of our customers and members, especially those who could be more susceptible to scams and fraud, like the elderly. That's why we're hosting our Elder Abuse: Exploitation and Fraud Prevention Workshop. Taking place July 23-24, from 9-10:30 Central each day, this virtual Workshop will present details of common fraud and scams that target older adults, discuss ways to recognize red flags of elder financial exploitation, and share free resources for consumers and financial institutions. The Consumer Financial Protection Bureau's Office for Older Americans will be presenting to give us the guidance on what they are seeing and how to help our customers and members help themselves. Don't wait, register now to stay on top of what's to come. https://lnkd.in/ekaC6U3B

"As our loved ones age, it is crucial to ensure their safety and well-being, especially in the face of potential threats like elder fraud. Protecting older family members from financial exploitation requires proactive measures and a keen awareness of potential risks. Here are the top five things you can do to safeguard your loved ones" Continue reading "Safeguarding Your Loved Ones: Top Five Measures to Protect Against Elder Fraud and Abuse" #safeguarding #Elderfraud #elderabuse #Scams #Isolation

🚨 Scam Alert! 🚨 In 2023, Americans over 60 lost a staggering $3.4 billion to scams, a significant increase from 2022. The FBIS Elder fraud report reveals a 14% rise in complaints, with tech support and investment scams leading the way. 💔 Let's protect our seniors! 💪 Financial institutions must enhance protections, and the FBI is actively educating, collaborating with law enforcement, and promoting swift reporting. 📢 Awareness and vigilance are key in safeguarding our loved ones. Check out our blog post 'Senior Fraud: How Americans Older Than 60 Lost $3.4 Billion to Scams' for more details. Visit our website stampoutscams.org to find this post and other scam prevention resources. Together, let's stay vigilant and stop scammers by educating ourselves and protecting our precious and vulnerable seniors. #ScamAlert #ElderFraud #ProtectOurSeniors #FinancialProtection #StampOutScams

🎤 Safeguarding Seniors: Actionable Strategies to Combat Elder Fraud. In this Association of Certified Financial Crime Specialists - ACFCS, you gain good insight on how to help care for the aged during your transaction monitoring. Any suspicious activity on accounts of the aged (retired citizens) should be taken seriously and strict controls applied until proper authentication from the customers that they are in good faith and sound mind. #ElderFraud is a growing concern, as seniors often fall prey to various scams due to factors such as cognitive decline, social isolation, and lack of familiarity with digital technologies. Strengthening financial protections is a key strategy here. Setting up bank alerts and monitoring for unusual transactions can help detect fraud early. Seniors should be encouraged to add trusted family members or friends as joint account holders or contacts for financial matters. Regular reviews of bank and credit card statements for unauthorized transactions are essential. Utilizing technology effectively can also play a significant role in safeguarding seniors. Implementing fraud detection software that monitors for suspicious activities on seniors' devices and accounts, ensuring secure communication channels, and helping seniors manage strong, unique passwords using password management tools are practical steps to enhance their financial security. Through a combination of education, financial protection, technology, legal measures, and community support, a comprehensive approach can be established to safeguard seniors from the pervasive threat of elder fraud. #ConnectedCompliance #ElderFraud #FraudRiskManagement

Protecting Older Adults from Financial Exploitation and Increasing Fraud As our loved ones age, it becomes increasingly important to protect them from financial exploitation and fraud. Seniors are often targeted due to their accumulated wealth and sometimes limited digital literacy. Here are some key tips to help safeguard older adults from financial exploitation and fraud: 1. Educate on Common Scams Older adults should be aware of common scams such as phishing emails, lottery scams, and IRS impersonation calls. The Federal Trade Commission (FTC) reported that imposter scams alone cost Americans $667 million in 2019. 2. Monitor Financial Activity Regularly reviewing bank statements and credit reports can help identify any unauthorized transactions early. Setting up alerts for large withdrawals or changes in account information can also be beneficial. 3. Establish Legal Protections Consider setting up a power of attorney, which allows a trusted individual to manage the senior's finances if they become unable to do so. This can prevent unauthorized individuals from accessing their funds. 4. Limit Access to Financial Information Encourage seniors to keep personal information private and to be wary of sharing details over the phone or online. Scammers often pose as legitimate organizations to extract sensitive information. 5. Stay Connected Isolation can make seniors more vulnerable to fraud. Regular check-ins by family members or trusted friends can provide emotional support and an extra layer of protection. According to the National Council on Aging, seniors lose an estimated $2.9 billion annually due to financial exploitation. The Consumer Financial Protection Bureau (CFPB) found that elder financial exploitation quadrupled from 2013 to 2017. The CFPB report shared, "Financial exploitation has been called “the crime of the 21st century” as the growing number of cases impacts a diverse range of people and circumstances. Older adults, especially those living alone or suffering from cognitive impairments, are particularly vulnerable." By staying informed and vigilant, we can help protect our older loved ones from falling victim to these malicious schemes. Let's work together to create a safer environment for our seniors. #SeniorSafety #ElderFraudProtection #FinancialSecurity #ProtectOurSeniors #StopScams #ElderCare #FinancialAwareness #SeniorSupport #SafeSeniors #ElderJustice #FraudPrevention #SecurityAwareness

Today, on National Senior Fraud Awareness Day, we stand in solidarity with a crucial cause—protecting our seniors from financial fraud. This day serves as a vital reminder of the growing need to safeguard the financial health and well-being of the elder members of our communities. Financial fraud targeting seniors is a concerning issue, with scammers constantly devising new schemes to exploit vulnerabilities. It's not just about losing money; it's about the impact on the individual's dignity, trust, and quality of life. In our industry, we view it as our paramount duty to educate, protect, and advocate for those who have spent a lifetime contributing to our society. Here are a few steps everyone can take to bolster defenses against financial fraud: 1. Stay Informed: Knowledge is power. Keep abreast of common scams and share this information with loved ones. 2. Secure Personal Information: Encourage the use of strong, unique passwords and the safekeeping of personal and financial documents. 3. Encourage Open Conversations: Talk with senior family members about their finances regularly to help spot irregularities early. 4. Professional Guidance: Ensure they have access to reputable financial advice and assistance. We're dedicated to creating a secure financial environment for our clients, particularly the most vulnerable among us. Together, we can build a bulwark against fraud, ensuring our seniors live with the peace and security they deserve. On National Senior Fraud Awareness Day, let's reaffirm our commitment to protecting and empowering every generation. Vigilance, education, and compassion are our best tools in this fight. #SeniorFraudAwareness #FinancialFraud #FinancialSafety

Today, on National Senior Fraud Awareness Day, we stand in solidarity with a crucial cause—protecting our seniors from financial fraud. This day serves as a vital reminder of the growing need to safeguard the financial health and well-being of the elder members of our communities. Financial fraud targeting seniors is a concerning issue, with scammers constantly devising new schemes to exploit vulnerabilities. It's not just about losing money; it's about the impact on the individual's dignity, trust, and quality of life. In our industry, we view it as our paramount duty to educate, protect, and advocate for those who have spent a lifetime contributing to our society. Here are a few steps everyone can take to bolster defenses against financial fraud: 1. Stay Informed: Knowledge is power. Keep abreast of common scams and share this information with loved ones. 2. Secure Personal Information: Encourage the use of strong, unique passwords and the safekeeping of personal and financial documents. 3. Encourage Open Conversations: Talk with senior family members about their finances regularly to help spot irregularities early. 4. Professional Guidance: Ensure they have access to reputable financial advice and assistance. We're dedicated to creating a secure financial environment for our clients, particularly the most vulnerable among us. Together, we can build a bulwark against fraud, ensuring our seniors live with the peace and security they deserve. On National Senior Fraud Awareness Day, let's reaffirm our commitment to protecting and empowering every generation. Vigilance, education, and compassion are our best tools in this fight. #SeniorFraudAwareness #FinancialFraud #FinancialSafety