Financial Protection for Aging Adults & Caregivers (2024)

Did you know?

• 10,000 Americans turn 65 each day (according to the Social Security Administration)
• More than $37 billion is lost each year as a result of the financial exploitation of seniors (according to the Consumer Financial Protection Bureau)
• Millions of Americans manage money or property for a loved one who is unable to pay bills or make financial decisions

• Immediately report abuse. Monitor accounts regularly. If you become concerned that you or an older family member or friend is being financially abused or is the victim of fraud, you should report suspicious communications or transactionsreport suspicious communications or transactionsreport suspicious communications or transactions immediately. You can also find help in your community by using the Eldercare Locatorlayerfind help in your community by using the Eldercare Locatorlayerfind help in your community by using the Eldercare Locatorlayer, a public service of the U.S. Administration on Aging.
• Create a power of attorney. A power of attorney can permit someone you trust to act on your behalf in financial matters such as filing taxes, selling property, refinancing a mortgage and depositing or cashing checks. Learn more about power of attorney servicesLearn more about power of attorney servicesLearn more about power of attorney services
• Set up a joint account. Plan ahead: While you're still healthy, determine whether you want to add a trusted family member or friend to your account as a co-owner to help manage your finances. See how to add an owner to an accountSee how to add an owner to an accountSee how to add an owner to an account
• Name a trusted contact person. This is another way to help guard against financial exploitation. Bank of America is the first major bank to allow consumer clients to designate a trusted contact — someone we're able to reach out to in order to confirm information and address suspicious activity. Learn more and see how to set up a trusted contactLearn more and see how to set up a trusted contactLearn more and see how to set up a trusted contact
• Use our award-winning mobile and online banking platforms to keep your account safe. We have a suite of digital capabilities that can help you keep your finances more secure, all backed by our Security Guarantee.
  • Set up unusual activity alerts
  • Go paperless to prevent mail fraud
  • Use biometrics to log in on your mobile device
  • Lock your card if it is lost or stolen
• Visit the Security Center and talk to your friends and family about how they can help protect themselves from Fraud and Scams