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Safe Banking for Seniors

Safe Banking for Seniors (SBFS) is a free national program, sponsored by the ABA Foundation, that provides bankers with the tools and resources necessary to help older adults, their families and caregivers prevent elder financial abuse and exploitation. The program consist of four turn-key modules with presentations, activity sheets, resource sheets, and guides to help bankers connect with their local communities to share about: identifying and avoiding scams; preventing identity theft; choosing a financial caregiver; and acting as a responsible financial caregiver.

Below are links to helpful teaching tools provide by the ABA Foundation.

Imposter Scams: Say No, Keep Your Dough Learn to spot these scams and say no.Do you know how to spot an imposter scam? Imposter scams often begin with a call, text message, or email. Use the American Bankers Association Foundation and Federal Trade Commission’s’ joint infographic to educate yourself.

Recognize Imposter ScamsAccording to the FTC, Americans lost more than $667 million to imposter scams in 2019. Imposter scams take many forms, including call, email or text message.

Signs of an online dating scam. Professes love quickly. Claims to be from the U.S., but is overseas for business or military service. Asks for money, and lures you off the dating site. Claims to need money - for emergencies, hospital bills, or travel. Plans to visit, but can't because of an emergency.Do you know the signs of an online dating scam? Red flags of romance scams include people who:

  • Profess love quickly
  • Lure you off the dating site
  • Need money for emergencies

SAFE BANKING FOR SENIORS ABA FOUNDATION PROUD PARTICIPANTOlder adults lose billions of dollars each year to fraud. Financial abuse against older Americans can take many forms, from illegal debits, to third-party scams and even unauthorized withdrawals by an approved caregiver. Learn how to prevent elder financial abuse through these free resources from the American Bankers Association Foundation: https://bit.ly/2PLvA5r

Online Dating Scams: What to do. Slow down - and talk 1 to someone you trust. 2 Never wire money 3 Contact your bank right away Report your experience to: 4 • The online dating site • Federal Trade Commission: ftc.gov/complaint • Federal Bureau of Investigation: ic3.gov

HOW TO AVOID A MONEY MULE SCAM: Never use your own bank account, or open one in your name, to transfer money for an employer. Never pay to collect a prize or move any money out of your "winnings." Never send money to an online love interest, even if he or she sends you a check first.If someone sends you money and asks you to send it to someone else, stop! You could be what some call a money mule.

Money Mule Scams. WHAT TO DO if you spot this scam: Break off contact with the scammers and stop moving money for them. Tell your bank and the wire transfer or gift card company - right away. Report it to the Federal Trade Commission at ftc.gov/complaint.Do you know what to do if you spot a money mule scam? Follow these steps:

  • Break off contact with scammer
  • Tell your bank
  • Report it to the FTC

FAKE CHECK SCAMS Did someone send you a check and ask you to send some money back? THAT'S A SCAM!Fake checks continue to be one of the most common instruments used to commit fraud against consumers.

Choosing a Power of AttorneyGranting a power of attorney is a major commitment. Learn tips on how to choose the best power of attorney for your situation from the American Bankers Association Foundation’s Safe Banking for Seniors program: https://bit.ly/32PCPPO