Seniors are more vulnerable to financial abuse in the coronavirus crisis

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The coronavirus crisis and the measures taken since the outbreak in the Netherlands have made seniors more vulnerable to financial abuse. Now that many among the older population are confined to their homes or nursing homes and can’t go out to do their shopping, they are increasingly unsure how to manage their finances safely. Many older clients want personal contact when they do their banking. To ensure they can continue to make independent financial decisions in these difficult times, as from today senior clients can call ABN AMRO’s Support line for seniors.

ABN AMRO currently has about 700,000 senior clients (clients who have reached the Dutch state pension age). Many of them aren’t entirely comfortable in an online environment and also have limited mobility. The coronavirus crisis has made this group more vulnerable to financial abuse, increasing the need for financial guidance. To provide the best possible support for these clients, ABN AMRO has decided to bring forward the introduction of its Support line for seniors. This telephone support line has been set up to inform older clients about daily banking matters and to provide assistance in case of suspected fraud. In this way, ABN AMRO aims to help seniors deal with any uncertainties they may have.

Greater chance of financial abuse

Now that many older people are unable to leave their homes, ABN AMRO has noted a greater chance of financial abuse. “Scammers using tricks to swindle money from seniors are nothing new. They often start by trying to win someone’s trust and persuade them to share personal information,” says Nery Anderson, Director of Daily Banking Business at ABN AMRO. “Besides people being talked into handing over their PIN and debit card, we’re also hearing of cases where senior clients are called by people claiming to be ABN AMRO employees and insisting on a face-to-face meeting. We want to urge our clients not to comply with these calls. If older clients receive a call like this or any other suspicious calls or emails, they can contact the Support line for seniors to check whether the caller is really a bank employee or not. We want this support line to help empower senior clients and keep them financially safe during this difficult time.”

The Support line for seniors can be reached from within in the Netherlands at 0882 26 26 12 on weekdays from 9 am to 5 pm. Outside of office hours, clients can call our contact centre at 0900 00 24.

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