Financial abuse against older Americans can take many forms, from illegal debits, to third-party scams and even unauthorized withdrawals by an approved caregiver. And with the share of the U.S. population 65 years and over projected to reach 20 percent by 2025, the opportunities to take advantage of these at-risk bank customers become more prevalent—by the minute.
Older boomers are wealthier than the generations before them, with a median net worth of $241,333, a 34% increase over that of the War Babies generation (born 1936 -1945) and a 39% increase over Depression Babies (born 1926-1935). Seniors also represent large purchasing power. Nielsen reported that the 50+ population consists of nearly 100 million consumers who are responsible for $230 billion worth of sales in packaged goods, which accounts for a whopping 49% of total sales.
Con artists, scammers, and other perpetrators of financial fraud and abuse are definitely not turning their backs on this market. In 2010, one fifth of Americans over age 65 reported in a telephone survey that they had been subject to some sort of financial fraud or abuse.
CBC National Bank is working to empower customers and communities with the facts, tools and resources they need to bank more securely. Together, we can help eliminate the almost $2.9 billion lost annually to fraud against older Americans.
