Nacha has taken steps to aid banks and financial institutions in combating elder financial abuse by launching new tools designed for those who might be at risk. These resources are being launched on World Elder Abuse Awareness Day (WEAAD), which is observed annually on June 15.

Key Tools

• A checklist to assist banks and credit unions in helping older customers who may have encountered scams.




• An infographic highlighting the scale of elder financial exploitation, indicating that U.S. adults over 60 lose approximately $38.5 billion annually, with an average loss of $83,000.

Elder Fraud Defined

Nacha defines elder fraud as the use of deceit or intimidation by someone in a position of trust to obtain an elderly person’s property or resources, including breaches of fiduciary duty such as misuse of power of attorney or guardianship appointments. This often involves trusted individuals who take advantage of their position.

Challenges and Awareness

A major obstacle for law enforcement and the financial industry is that scam victims frequently hesitate to seek help, according to Tracy Goldberg, Director of Cybersecurity at Javelin Strategy & Research. Many victims do not even acknowledge that they have been scammed.

Promoting Education

The AARP study referenced in the Nacha infographic suggests that 92% of adults aged 50 and over wish for financial institution employees to be trained to recognize and prevent financial exploitation. However, current tools often do not target specific types of fraud effectively.

Most educational campaigns are broad in their approach rather than tailored,” said Goldberg. Campaigns should focus on making older consumers more skeptical when faced with urgent situations or suspicious calls.”

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