Federal Reserve Bank of Atlanta Talk About Payments Webinar
Preventing Elder Financial Exploitation
Every day, nearly 10,000 adults in the United States turn 65, and every year, elder financial exploitation results in the loss of an estimated $148.6 billion. The recent public spotlight on conservatorships—consider Britney Spears, Nichelle Nichols of Star Trek fame, and the 2020 Golden Globe-winning movie I Care A Lot—has identified an until recently little-known form of potential financial exploitation. Approximately 1.3 million adults, representing $50 billion in assets, are in some form of a conservatorship today.
As the population continues to age, what risks need to be exposed to protect the elderly from financial exploitation? What are the differences among guardianship, power of attorney, and conservatorship? Are women more at risk for exploitation than men? What can financial institutions do to identify their elderly customers and protect them?
On October 21, our Talk About Payments webinar featured experts in elder financial abuse who provided insights into this and other questions. Scarlett Heinbuch, a payments risk expert at the Atlanta Fed, led the discussion with Naomi R. Cahn, director of the Family Law Center at the University of Virginia School of Law, and Ronald C. Long, head of aging client services for Wells Fargo.
Send questions about the webinar to David Lott at david.lott@atl.frb.org.
You may view previous Talk About Payments webinars.