(Editor’s Note: Financialexploitation hurts us all. Cutter & Company is proud to announce that we have earned the AARP BankSafe Trained Seal in recognition of the training we have undergone and policies we have in place to better protect the assets of older Americans. All Cutter & Company financial advisors completed the training. Below is the AARP news release on the announcement.)
WASHINGTON— FEB 9, 2021 - Today, AARP announced the 86 banks, credit unions and financial advisory firms that earned a seal from AARP recognizing the steps they’ve taken to help stop financial exploitation. A list of the financial institutions that earned the 2021 seal can be found at this link.
The financial institutions earning the seal trained more than 80% of their frontline staff on AARP’s award-winning BankSafe training platform and actively implement policies to report suspected financial exploitation. They also were confirmed by AARP to be in good standing based on a review of Better Business Bureau ratings as well as legal and regulatory activity.
“Our research shows that financial professionals trained by BankSafe save 16-times the amount of money from being stolen from older adults than their peers,” said Jilenne Gunther, National Director of AARP’s BankSafe Initiative. “These financial institutions are doing vital and impactful work to better protect older adults from exploitation.”
In 2020, individuals trained on AARP’s BankSafe financial-exploitation-prevention training platform stopped more than $19 million from being stolen from the accounts of older adults. In addition, these individuals are better protecting 9 million consumers from exploitation.
The training, available at no cost to banks, credit unions and financial advisors in the United States, combines AARP’s understanding of the needs and desires of older adults with the access and services of the financial industry. The training was refreshed at the beginning of 2021 with new interactive scenarios and activities.
More than 2,000 professionals from the financial industry, trade associations, adult protective service agencies, non-profits, government organizations, regulators and the legal field helped AARP in the development of the training. The BankSafe Trained seal is not a product or service endorsement, but indicates that a financial institution’s frontline employees have been substantially trained in financial exploitation prevention.
AARP is the nation’s largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence and nearly 38 million members, AARP strengthens communities and advocates for what matters most to families: health security, financial stability and personal fulfillment. AARP also produces the nation's largest circulation publications: AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org, www.aarp.org/espanol or follow @AARP, @AARPenEspanol and @AARPadvocates, @AliadosAdelante on social media.
Colby Nelson, AARP External Relations, firstname.lastname@example.org, 202-706-8416
Kaylie Showers, GBSM, email@example.com, 303-825-6100