How the Senior Safe Act Protects Your Finances

The law encourages employees of financial services firms to report cases of suspected elder financial abuse, hopefully leading to more prosecutions of the criminals involved.

A man, who looks worried, talks on the telephone while looking at a credit card.
(Image credit: Getty Images)

Few seniors know it but they have a special layer of defense against fraud: employees of financial services firms who are trained to spot and report suspected financial abuse of customers over age 65.

Although frontline employees have been asked to flag suspicious behavior to authorities for years, the Senior Safe Act of 2018 made it easier for financial institutions to work with prosecutors. “Elder fraud is a complex issue,” says Sam Kunjukunju, senior director of bank community engagement with the American Bankers Association Foundation. “The whole purpose of [the law] is to encourage a collaborative effort.”

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Senior Retirement Editor, Kiplinger.com

Jackie Stewart is the senior retirement editor for Kiplinger.com and the senior editor for Kiplinger's Retirement Report.