Suncoast Credit Union (Suncoast) is proud to announce 100% of their branch and Interactive Teller Machine (ITM) staff have completed the American Association of Retired Persons’ (AARP) award-winning BankSafe training program, which trains employees to identify and stop suspected financial exploitation and abuse, particularly among older adults. As a result, Suncoast was one of only 115 financial institutions nationwide to be awarded the BankSafe seal for its efforts.
To qualify for the BankSafe seal, a minimum of 80% of employees must pass the BankSafe training. Suncoast surpassed this goal by having 100% of member-facing staff in branches successfully complete the training.
A Virginia Tech study from October 2019, found that BankSafe-trained employees helped stop more than $110 million from being stolen from the accounts of older adults since the program’s inception.
“AARP’s BankSafe designation and the related training it provides is extremely important to us because it helps protect our most vulnerable members. It is also recognition of our ongoing efforts to continuously train employees to detect financial exploitation and fraud. This recognition is proof of our commitment to keep members and their assets safe.” said Bob Hyde, Vice President of Fraud Risk Management, Suncoast Credit Union. “Our team keeps up with the latest education on fraud prevention because when fraud is committed against anyone, and particularly vulnerable older adults, we all pay a price, and it’s not just financial. The stress and worry it creates for our members and their families is another cost that often goes unmentioned.”
According to the National Center on Elder Abuse, the annual loss by victims of financial abuse is estimated to be at least $36.5 billion.
To celebrate this accomplishment, all employees who have completed the training will be celebrated with a congratulatory luncheon. Additionally, employees will receive an AARP BankSafe button to wear with pride, which will indicate to members that the employee they are working with has an additional layer of training and education to protect them from financial exploitation.