Nacha’s Payments Innovation Alliance Marks World Elder Abuse Awareness Day by Releasing Resources to Address Financial Exploitation of Older Americans
Nacha's Payments Innovation Alliance, a membership program bringing together diverse global stakeholders to transform the payments industry, has created tools to educate financial institutions about the prevalence of elder financial abuse and how to assist account holders who may have been targeted.
In the U.S. an estimated 3.5 million older adults are victims of financial exploitation each year, with financial losses totaling $3 billion. In recognition of the magnitude of the problem, throughout the month of June the Alliance is sharing materials developed by its Consumer Financial Exploitation Project Team, along with additional elder financial abuse prevention resources developed by trusted non-profit organizations and government agencies. These resources will be released weekly on the project team's website.