ABA - American Bankers Association
04/15/2026 | Press release | Distributed by Public on 04/15/2026 12:40
ABA Foundation Testifies on Protecting Older Americans from Financial Exploitation
WASHINGTON - The American Bankers Association Foundation today testified before the Senate Special Committee on Aging, for its hearing, "Empowering Seniors Through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence." The Foundation outlined the critical role banks play in protecting older Americans from fraud and financial exploitation while calling for strengthened national coordination, expanded financial literacy efforts and clear federal authority for banks to intervene when exploitation is expected. Sam Kunjukunju, vice president for consumer engagement at the ABA Foundation, testified on behalf of the Foundation.
In his testimony, Kunjukunju explained that banks are uniquely positioned to help older customers recognize and avoid scams due to their trusted, long standing relationships and daily interactions with consumers.
Through the ABA Foundation's Safe Banking for Seniors program and other initiatives, bankers across the country deliver community based education on identifying scams, preventing identity theft, strengthening financial caregiving and managing money safely. Over the past three years, these efforts have enabled more than 1,300 banks and 110,000 bank volunteers to reach millions of people nationwide with financial literacy and fraud prevention resources.
Despite these efforts, Kunjukunju told members of the committee that the threat landscape is worsening. Between 2024-2025, the Federal Bureau of Investigation reported a nearly 60% increase in financial losses and a 37% increase in complaints among individuals aged 60 and older.
The scale of this issue demands a coordinated national response, Kunjukunju testified.
"While the banking industry is investing significantly in protecting older people, the scale and sophistication of today's scams require a strategic and coordinated national response," Kunjukunju said. "America needs a nationwide public education campaign that brings together federal agencies, nonprofits, and the private sector to deliver a unified, consistent message. The goal would be to expose common scam tactics, such as impersonation, emotional manipulation, urgency, demands for secrecy, and pressure to act quickly and use irreversible payment methods, so the public can recognize these warning signs and resist exploitation more effectively."
Kunjukunju stated this national effort must be grounded in a broader commitment to lifelong financial literacy, and that it should align with key life milestones, including entering the workforce, managing credit, starting a family, purchasing a home and planning for retirement.
"A life-cycle approach, one that supports individuals from childhood through retirement, would ensure that people build the knowledge, habits and resilience needed long before they reach older adulthood," Kunjukunju said.
Kunjukunju also called on Congress to consider legislation that would provide banks with clear authority and safe harbor protections to delay or hold transactions when elder financial exploitation is suspected to help safeguard older Americans at moments of heightened vulnerability.
"Through sustained investments in education, training, cross-sector partnerships, and responsible innovation, we continue to strengthen the frontline defenses to combat elder financial exploitation," he said. "But as our population ages and financial crimes grow more sophisticated, these efforts must be accompanied by a policy framework capable of meeting the moment."
Read the full testimony.
In his testimony, Kunjukunju explained that banks are uniquely positioned to help older customers recognize and avoid scams due to their trusted, long standing relationships and daily interactions with consumers.
Through the ABA Foundation's Safe Banking for Seniors program and other initiatives, bankers across the country deliver community based education on identifying scams, preventing identity theft, strengthening financial caregiving and managing money safely. Over the past three years, these efforts have enabled more than 1,300 banks and 110,000 bank volunteers to reach millions of people nationwide with financial literacy and fraud prevention resources.
Despite these efforts, Kunjukunju told members of the committee that the threat landscape is worsening. Between 2024-2025, the Federal Bureau of Investigation reported a nearly 60% increase in financial losses and a 37% increase in complaints among individuals aged 60 and older.
The scale of this issue demands a coordinated national response, Kunjukunju testified.
"While the banking industry is investing significantly in protecting older people, the scale and sophistication of today's scams require a strategic and coordinated national response," Kunjukunju said. "America needs a nationwide public education campaign that brings together federal agencies, nonprofits, and the private sector to deliver a unified, consistent message. The goal would be to expose common scam tactics, such as impersonation, emotional manipulation, urgency, demands for secrecy, and pressure to act quickly and use irreversible payment methods, so the public can recognize these warning signs and resist exploitation more effectively."
Kunjukunju stated this national effort must be grounded in a broader commitment to lifelong financial literacy, and that it should align with key life milestones, including entering the workforce, managing credit, starting a family, purchasing a home and planning for retirement.
"A life-cycle approach, one that supports individuals from childhood through retirement, would ensure that people build the knowledge, habits and resilience needed long before they reach older adulthood," Kunjukunju said.
Kunjukunju also called on Congress to consider legislation that would provide banks with clear authority and safe harbor protections to delay or hold transactions when elder financial exploitation is suspected to help safeguard older Americans at moments of heightened vulnerability.
"Through sustained investments in education, training, cross-sector partnerships, and responsible innovation, we continue to strengthen the frontline defenses to combat elder financial exploitation," he said. "But as our population ages and financial crimes grow more sophisticated, these efforts must be accompanied by a policy framework capable of meeting the moment."
Read the full testimony.
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About the American Bankers Association
The American Bankers Association is the voice of the nation's $25.3 trillion banking industry, which is composed of small, regional and large banks that together employ over 2 million people, safeguard $20.1 trillion in deposits and extend $13.5 trillion in loans.
About the ABA Foundation
Through its leadership, partnerships, and national programs, ABA's Community Engagement Foundation (dba ABA Foundation), a 501(c)3, helps bankers provide financial education to individuals at every age, elevate issues around affordable housing and community development, and achieve corporate social responsibility objectives to improve the well-being of their customers and their communities.
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