BankSafe is an initiative that empowers financial institutions to protect consumers from financial exploitation and keep retirement savings safe. The average financial exploitation victim loses $120,000-almost the average amount of a 50 year old’s entire retirement savings. So it is not surprising that four out of five older consumers cite fighting exploitation as a motivator in choosing their financial institution. BankSafe has ignited a movement that mobilizes the financial services frontlines to protect Older Americans and their savings-before the money leaves the account. BankSafe Overview (PDF)
The purpose of this RFP is to find multi-disciplinary, multi-stakeholder collaborative groups (composed of aging advocates that are working in conjunction with financial institutions) to help develop the content of online training for AARP’s BankSafe Initiative. BankSafe empowers financial institutions and the aging network to protect consumers from financial exploitation and keep retirement savings safe
Bolstered by consumer demand from older adults, AARP and Oregon Bankers Association are working with the financial services industry to develop an online training course for bank employees. This training is based on the best practices of the Oregon Bankers Association, Barclays UK, and others. Developing this course with the input of financial institutions will ensure that the bank frontlines are trained with state-of-the-art, web-based training with robust and real-world scenarios, gamified activities, and case studies within each module to assist in the learning process. Having access to this training will ensure that banking professionals apply critical thinking and practical skills to recognize common signs of financial exploitation and empower them to take appropriate action. The BankSafe training modules are designed specifically for banking professionals with roles across all levels of financial institutions.
It is of utmost importance that frontline employees—namely bank tellers, credit union associates, and their supervisors—find the training to be engaging and empowering, as they are part of the primary defense in preventing financial exploitation of older Americans before money.
AARP is issuing up to six $10,000 grants to multi-disciplinary, multi-stakeholder collaborative groups Learn More Here.
- Snapshots: Banks Empowering Customers and Fighting Exploitation (PDF)
- Preventing Exploitation: Five Banks Leading the Fight (PDF)
- Spotting the Red Flags of Financial Exploitation Tip Sheet (PDF)
- Deciphering Dementia at Your Institution Tip Sheet (PDF)
- Is a Joint Account Right For Me Infographic (PDF)
- Screensaver (coming soon)
- AARP's BankSafe Initiative: A Comprehensive Approach to Better Serving and Protecting Consumers (PDF)
- Why Banks Should Fight Exploitation of Their Most Valuable Customers Infographic (PDF)
- Family Financial Caregiving: Rewards, Stresses, and Responsibilities (PDF)
- The Journey of Financial Caregiving Infographic (PDF)
- The Business Case: Why Financial Institutions Should Fight Exploitation and Protect Savings (PDF)