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The Oregon Bankers Association (OBA) has been proactive in addressing elder financial abuse since 1995, including passing legislation to provide liability protection to banks reporting suspected abuse. Through ongoing training and partnerships with organizations like the Oregon Department of Justice, the Oregon Department of Human Services – Office of Adult Abuse Prevention and Investigations and AARP, we strive to protect Oregon's seniors.
Elder financial exploitation is a growing concern, with criminals targeting seniors through fraud, scams, and unauthorized financial activity. OBA is committed to raising awareness and providing resources to help protect older adults from financial abuse. Whether the perpetrators are strangers, caregivers, or even family members, it is critical to recognize the warning signs and take action. By staying informed and utilizing these resources, we can work together to safeguard our senior community from financial exploitation. Understanding Elder Financial AbuseElder financial exploitation involves the illegal or improper use of an older individual's funds, property, or assets. It can take many forms, including unauthorized use of funds, coercion, or deceptive practices. Perpetrators can include family members, caregivers, or strangers, and their actions can lead to significant financial and emotional harm.
Recognizing the SignsIdentifying changes in a person's established financial patterns is key to spotting financial abuse. Red flags include:
For a comprehensive list of warning signs, refer to the ABA's resource on 14 Red Flags for Elder Financial Abuse or visit the Oregon Department of Justice's Elder Abuse page. |
Reporting AbuseIn Oregon
If you suspect elder abuse, neglect, or exploitation in the state of Oregon, call 1-855-503-SAFE (7233). This is a statewide hotline to report abuse or neglect of any adult or child to the Oregon Department of Human Services (ODHS). In an emergency, call 911 or the local police. Time is of the essence in reporting suspected elder financial exploitation. Financial Institutions may contact county Adult Protective Services offices directly. Click here (login required) for a listing of emails and phone numbers. Reports should also be filed with local law enforcement. For more information about reporting abuse in Oregon, visit the ODHS website. Outside of Oregon If the victim lives in another state, information and referral is available from the national Eldercare Locator, a public service of the U.S. Administration on Aging. Call 1-800-677-1116, Monday through Friday 5:00 a.m. to 6:00 p.m. PDT or click here and scroll to “Have a Question” section to chat with one of their information specialists. 
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Financial Institution Resources for Prevention and Support
The OBA, in collaboration with various organizations, offer the following resources for training bank staff and customers.
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AARP BankSafe InitiativeThe BankSafe Initiative helps the financial industry better meet consumers’ financial needs and safeguard their assets. The initiative focuses on four key areas:
With the average victim losing $120,000, prevention of financial exploitation is critical to AARP’s mission to empower people to choose how they live as they age. BankSafe meets this need by conducting research into consumer insights, facilitating partnerships between the aging network and the financial industry, and developing the innovative BankSafe training platform to help financial professionals identify and stop suspected exploitation. |
FDIC Money Smart for Older Adults
This program raises awareness among older adults and their caregivers on how to prevent fraud, scams, and other elder financial exploitation. The curriculum encourages advanced planning and informed financial decision-making. Money Smart for Older Adults was developed jointly by the Federal Deposit Insurance Corporation (FDIC) and the Consumer Financial Protection Bureau (CFPB). The curriculum can be taught in full or by individual topics. The module and topics consist of three parts, an instructor guide, resource guide, and PowerPoint slides that supplement classroom instruction. The materials are free of charge.
ABA Safe Banking for Seniors™An American Bankers Association Foundation program that provides free resources to help banks educate their communities on combating elder financial exploitation.
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Federal Financial Regulatory Agency Resources
The Board of Governors of the Federal Reserve System (FRB), the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Financial Crimes Enforcement Network (FinCEN), and state financial regulators issued a joint statement on December 4, 2024, to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation. The joint statement provides strategies that can be effective in identifying, preventing and responding to elder financial exploitation.
Community Resources for Protecting Seniors from Scams & Fraud
Education is one of the best defenses against scams. Fraudsters often target seniors through lottery scams, fraudulent investments, and impersonation schemes. Legitimate organizations, including banks and government agencies, will never contact a customer unsolicited to request personal or financial information. If such a request is received, do not respond. Instead, contact your local bank branch or the appropriate authorities directly. Protect yourself and your loved ones with these resources:
The following organizations offer valuable resources to help seniors and their families recognize and prevent fraud:
Additionally, community organizations can engage in education programs using resources from the FDIC.
The following organizations offer valuable resources to help seniors and their families recognize and prevent fraud:
- ABA 14 Red Flags for Elder Financial Abuse:
Learn to identify warning signs of financial exploitation.
- Tips to Spot Lottery Scams:
Understand how to detect and avoid common lottery and sweepstakes scams.
- Guidance on Choosing a Financial Caregiver:
Receive advice on selecting a trustworthy individual to manage financial matters.
- AARP Fraud Watch Network:
AARP offers resources and support to help seniors and their families spot and avoid scams.
Additionally, community organizations can engage in education programs using resources from the FDIC.
- FDIC Money Smart for Older Adults
This program raises awareness among older adults and their caregivers on how to prevent fraud, scams, and other elder financial exploitation. The curriculum encourages advanced planning and informed financial decision-making. Money Smart for Older Adults was developed jointly by the Federal Deposit Insurance Corporation (FDIC) and the Consumer Financial Protection Bureau (CFPB). The curriculum can be taught in full or by individual topics. The module and topics consist of three parts, an instructor guide, resource guide, and PowerPoint slides that supplement classroom instruction. The materials are free of charge.