Banks Increase Protections Against Elder Financial Exploitation

U.S. banks and investment firms are ramping up efforts to detect and prevent elder financial exploitation after losses rose, with the FTC reporting $2.4 billion in 2024 and AARP estimating over $28 billion annually. Institutions like Washington Trust and about 1,500 others have adopted training programs such as AARP's BankSafe, tightened policies like trusted contacts and transaction holds, and urged legislative changes.