Pub. 6 2018 Issue 1

Issue 1. 2018 15 D uring a multi-decade career as a bank robber, Willie Sutton stole an estimated $2 million. That was back in the 1930s to 1950s when a million dollars was worth a lot more. When asked why he robbed banks, he was famously quoted as saying, “I rob banks because that’s where the money is.” If Willie Sutton were alive today, he would probably avoiding robbing banks. Instead, he would rob seniors, “because that’s where the money is.” Between Baby Boomers and the generation ahead of them, they hold 80% of the household wealth in the United States. If you’re old enough to be of interest to the AARP, you are old enough to be of interest to scammers who would love to separate you from your money. With this high concentration of wealth, older Americans are important clients to Utah bankers. We shouldn’t stand by and allow scammers to cause financial harm. Thankfully, the American Bankers Association has given Utah bankers the tools to educate seniors with the information seniors can use to avoid scams and identity theft. It’s called the Safe Banking for Seniors program. It’s a good primer on how to scam seniors and steal their identity, or rather how to help seniors to avoid such calamities. Recently, members of the Utah Bankers Association Financial Literacy Committee were invited by Davis County to present information to seniors that will help them identify and avoid scams and prevent identity theft. The topics attracted the atten- tion of a roomful of seniors at the Golden Years Senior Activity Center in Bountiful on two consecutive Tuesdays. The material was engaging and the seniors ate it up. Unlike some high school classes, there was no one sleeping in class! While members of the Financial Literacy Committee are dedi- cated banking professionals, they are not trained experts regard- ing financial security for older Americans. However, the ABA material is top notch and is free and easy to use by any banker who sees a need to educate older clients in their community. To find out how to access Smart Banking for Seniors material contact Lindsay Scott Lindsay@uba.org . Speaking of the AARP, the AARP has teamed up with the ABA Foundation to help seniors take steps to keep their bank funds safe. n To find out more about the ABA and AARP partnership, visit https://www.aba . com/Engagement/Pages/AARP.aspx. Apart from teaching Safe Banking for Seniors, the members of the UBA’s Fi- nancial Literacy Committee also bring the ABA’s Get Smart About Credit Day and Teach Children to Save Day lessons to K-12 schools in Utah. Many of these presentations help out with their bank’s CRA reporting. All UBA members are invited to have someone from their bank serve on the Financial Literacy Com- mittee. Contact Lindsay Scott Lindsay@uba.org to find out how your bank can be represented on the committee. Programs like Safe Banking for Seniors and Teach Children to Save Day help your bank and your employees make a big difference in the communities you serve. The best part is not only do these programs help seniors and students, they also help your bank. How to Scam Seniors and Steal their Identity Don L. Milne, Vice President, Financial Literacy Man- ager, Zions Bank. don.milne@zionsbank.com