Payments Innovation Alliance Expands Efforts to Protect Older Americans from Financial Fraud
RESTON, Va.--(BUSINESS WIRE)--Nacha's Payments Innovation Alliance, a membership program that brings together diverse global stakeholders seeking to transform the payments industry, has updated its tools to help financial institutions educate the public about the prevalence of elder financial exploitation and how to assist account holders who may have been targeted.
"With more than 73 million adults ages 65 and older living in the United States — the highest number in history — addressing financial exploitation of older adults is of the utmost importance."
In the United States, people over age 60 lose $38.5 billion due to elder financial abuse annually, with the average loss being $83,000. 1 To address this growing issue, the Alliance's Consumer Financial Exploitation Project Team has developed an infographic providing key statistics on the prevalence of elder financial exploitation, as well as an Elder Financial Exploitation Awareness Financial Institution Checklist designed to help banks and credit unions assist customers who may have been targeted.
"With more than 73 million adults ages 65 and older living in the United States — the highest number in history — addressing the financial exploitation of older adults is of the utmost importance," said Consumer Financial Exploitation Project Team Co-Leader Mary Gilmeister, AAP, NCP, CEO, PaymentsFirst. "By equipping financial institutions with these resources, we aim to strengthen their ability to safeguard their account holders and provide critical support to those affected by fraud."
The release of these resources is intended to help mark World Elder Abuse Awareness Day on June 15, a program created by the United Nations in 2011 to provide an opportunity for communities around the world to promote a better understanding of abuse and neglect of older persons by raising awareness of the cultural, social, economic and demographic processes affecting elder abuse and neglect.
"Educating consumers about scams and empowering them to report financial exploitation is key to protecting vulnerable older adults," said Gilmeister. "Elder financial abuse impacts families and communities — we must work together to find lasting solutions.'
The Alliance's Consumer Financial Exploitation Project Team is a group dedicated to creating educational resources and tools to enable the industry to combat fraud and collaborate with the broader financial crimes ecosystem, including law enforcement and consumer advocacy groups. To learn more about their elder financial exploitation prevention initiatives, visit nacha.org/consumer-financial-project-team. To learn more about the Payments Innovation Alliance, including how to join, visit https://www.nacha.org/payments-innovation-alliance.
About Nacha
Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. There were 33.6 billion ACH Network payments made in 2024, valued at $86.2 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services.
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