Employee Training Helps Significantly Reduce Financial Fraud Incidents

A report, just released by AARP and Virginia Tech’s Center for Gerontology, shows that consumers benefit in terms of both the number of potential exploitation incidents reported and the amount of money saved when credit union and bank employees are trained to spot financial fraud.

AARP BankSafe ResultsAARP, in partnership with credit unions, CUNA and bankers, has developed BankSafe, an online interactive training that emphasizes preventing financial exploitation. The program is available free to all credit unions regardless of affiliation.

The report is based on research that was conducted as part of a six-month pilot program. More than 1,800 employees from nearly 500 bank and credit union branches in 11 states participated. Nearly $1 million was protected when front-line employees who completed BankSafe training intervened to stop fraudsters.

Highlights from the report include:

• An average of 12 times more money saved per employee for those who were trained through AARP’s BankSafe training ($865) compared to others ($70), regardless of experience with previous trainings.

• More than four times the number of suspected incidents of financial exploitation were reported by those who received BankSafe training versus those who hadn’t.

• 133% improvement in assessment scores that tested knowledge of financial exploitation among those who had gone through the BankSafe training, compared to a 33% increase among those who had not.

“This report is further evidence that training employees on how to identify and stop financial exploitation makes a real impact,” said John Bratsakis, president/CEO of the MD|DC Credit Union Association. “1,000 employees from 50 member credit unions have been trained and certified this year. We encourage others to take steps to further protect their members.”

To register your credit union for BankSafe visit here

If you would like to receive a toolkit to get started, please email SVP/Chief Public Affairs Officer, Michelle Byrnie-Parker at mparker@mddccua.org