The week of March 30 to April 6 is National Money Smart Week, which raises financial literacy awareness and helps consumers manage their personal finances better. Visit Money Smart Week for more information about this American Library Association initiative.
We have invited BankNewport representatives to present on the topic of Elder Fraud Prevention. Their presentation will cover expectations of a financial caregiver, preventing elder fraud, and reporting elder financial abuse.
According to the National Council on Aging, financial scams targeting seniors have become so prevalent that they're now considered "the crime of the 21st century." Why? Because seniors are thought to have a significant amount of money sitting in their accounts. At the library, we have had instances of seniors concerned that they have been victimized by financial scammers.
Financial scams often go unreported or can be difficult to prosecute, so they're considered a "low risk" crime. However, they're devastating to many older adults and can leave them in a very vulnerable position with little time to recoup their losses.
It's not just wealthy seniors who are targeted. Low-income older adults are also at risk of financial abuse. And it's not always strangers who perpetrate these crimes. Over 90% of all reported elder abuse is committed by an older person's own family members, most often their adult children, followed by grandchildren, nieces and nephews, and others.
Lesley Behan is Vice President, Compliance & Security Department. Lesley is responsible for the daily management of the Banks Regulatory Compliance, Bank Secrecy Act Compliance and Fraud and Security activities. She is a board member of Baby Steps and is a resident of Newport, Rhode Island.
Justin L. Lombardo is Vice President, Branch Sales Manager of the BankNewport Barrington office located at 330 County Road. He is responsible for branch operations, business development, and staff development. He is a member of the East Bay Chamber of Commerce. Justin is a resident of Barrington, Rhode Island.
Free and open to all.