In recognition of Seniors Month in June, the Canadian Bankers Association (CBA) is honoring the invaluable contributions of older adults to the nation while affirming its ongoing dedication to promoting the well-being and empowerment of seniors throughout communities across Canada.

Anthony G. Ostler, President and CEO of the Canadian Bankers Association, emphasizes the significance of older adults within the banks’ customer base, a demographic expected to expand in the years ahead. Ostler underscores the importance of empowering all Canadians, especially seniors, to enhance their financial literacy and safeguard themselves against financial scams and abuse.

To assist seniors in protecting themselves from fraud and financial abuse, the CBA provides a range of resources and initiatives:

 –   Free Financial Fraud Prevention Seminars: In collaboration with the Financial Consumer Agency of Canada (FCAC), the CBA offers Your Money Seniors, a non-commercial financial literacy seminar program tailored for Canadians approaching or in retirement. These seminars, delivered by volunteer bankers, cover topics such as recognizing financial abuse, retirement preparedness, and fraud prevention, equipping seniors with essential tools to thwart scams.

–    Fraud Prevention Toolkit for Older Adults: The CBA offers fraud prevention toolkits, developed with the Government of Canada’s Get Cyber Safe campaign, to assist seniors in safeguarding themselves against common and emerging scams. These toolkits include a fraud prevention checklist, tips to combat phone scams, the grandparent scam, and tech-support scams, along with guidance on creating strong passwords and identifying and preventing financial abuse.

–    Financial Abuse Prevention Resources: In observance of World Elder Abuse Awareness Day on June 15, the CBA provides downloadable handouts addressing financial abuse, a critical aspect of elder abuse. These resources include information on recognizing signs of financial abuse, understanding powers of attorney, and promoting appropriate use of joint accounts.

–    The Code of Conduct to Protect Older Adults: Canadian banks adhere to the Code of Conduct for the Delivery of Banking Services to Seniors, reinforcing their commitment to addressing the evolving needs of senior customers. This code includes provisions for employee training on assisting older customers in avoiding financial abuse, fraud, and scams.

Through these initiatives, the Canadian Bankers Association remains steadfast in its support of seniors’ financial well-being and resilience, striving to empower older adults to navigate financial challenges and safeguard their economic security.