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Elder Financial Abuse

| February 10, 2014

 

Elderly

AUGUSTA, Maine (AP) – Maine officials are rolling out a new program to bolster protections against the financial exploitation of the elderly.
Through the Senior$afe program announced on Monday, staff at credit unions and banks will be trained on red flags of possible exploitation and how to report it. Education materials will also be available at banks for community members to learn about financial exploitation.

The program is one of several initiatives recently launched to assist the elderly in Maine, the oldest state in the country. Maine has the nation’s highest percentage of baby boomers at more than 29 percent and the oldest median age, 43.

Officials say banks and credit unions workers are well-positioned to combat this issue because they can spot instances of abuse right away and prevent further exploitation.

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