<ul data-eligibleForWebStory="true"><li>Nacha's Payments Innovation Alliance has updated tools to protect seniors from financial fraud.</li><li>The Alliance created an infographic on elder financial exploitation statistics.</li><li>They also developed an Elder Financial Exploitation Awareness Financial Institution Checklist to assist institutions.</li><li>Elder financial exploitation typically involves fraud targeting individuals 55 years and older.</li><li>The resources were released in conjunction with World Elder Abuse Awareness Day on June 15.</li><li>These tools aim to help institutions safeguard account holders and support fraud victims.</li><li>Elder financial fraud has increased as more seniors conduct banking online.</li><li>The FBI reported a 14% increase in elder fraud complaints in 2023.</li><li>In 2023, individuals 60 years and older lost $3.4 billion to fraud, with an average victim loss of $33,915.</li><li>Federal financial regulatory agencies released a joint statement to help prevent elder financial exploitation.</li></ul>

Nacha Updates Resources to Help Financial Institutions Protect Seniors From Fraud

Discover more