To help safeguard older adults, MRV Banks and ICBA recommend the following steps:
Secure financial documents. Store checkbooks, bank statements, and legal documents in a locked, safe location or a safe deposit box.
Monitor accounts closely. Review financial statements and credit reports regularly to detect unauthorized or unusual activity.
Protect personal information. Never share bank account numbers, PINs, or Social Security numbers with unsolicited contacts by phone, email, or text.
Assign trusted financial caregivers. Work with your banker and attorney to designate a power of attorney or financial advocate, if needed.
Use your community bank as a resource. MRV Banks offers fraud education, account security tools, and personalized support to help seniors and their families identify and avoid scams.
Report suspicious activity immediately. Contact MRV Banks, local law enforcement, or adult protective services if financial abuse is suspected.
June 15 marks World Elder Abuse Awareness Day (WEAAD)—a global observance dedicated to raising awareness and encouraging action to prevent the abuse and exploitation of older adults. MRV Banks is proud to stand with the Independent Community Bankers of America (ICBA) in supporting this critical mission and highlighting the important role community banks play in protecting seniors.
According to the Financial Crimes Enforcement Network (FinCEN), financial institutions reported more than $27 billion in suspected elder financial exploitation in just one year. As a community bank, MRV Banks is uniquely positioned to recognize the warning signs of financial abuse and provide the tools and education necessary to help prevent it.