AARP’s BankSafe Program provides training and resources for financial institutions to help prevent financial exploitation; announcement accompanies new report that provides insight into public perception of P2P payment platforms
February 11, 2024 - WASHINGTON - Last week, AARP announced peer-to-peer (P2P) payment platforms PayPal and Venmo have become the first such platforms to roll out its newest BankSafe training and resources. BankSafe’s new suite of resources has reached more than 10,000 PayPal and Venmo frontline employees, equipping them with the tools needed to help spot and avoid financial losses due to exploitation.
“Frontline employees play a critical role in protecting consumers from financial exploitation,” said AARP BankSafe National Director Jilenne Gunther. “By collaborating with global companies like PayPal and Venmo, AARP’s BankSafe program dramatically expands its ability to empower frontline employees to better protect consumers from losing their hard-earned money.”
Nationwide, the number of P2P users is estimated at 159.3 million — representing nearly two-thirds of the U.S. adult population. AARP’s interactive BankSafe platform for P2P employees is the newest in a line of similar trainings and resources for banks, credit unions, investment firms and retailers. Since 2019, BankSafe is estimated to have helped prevent nearly $300 million from being stolen and has been widely recognized for its research-based interventions and award-winning interactive learning experience. It is offered at no cost to participating organizations.
A new AARP report examines how adults perceive P2P payment platforms, their experiences with financial exploitation while using these platforms and what actions they want P2P providers to take to better prevent financial exploitation. In fact, 75% of consumers age 50+ say they want P2P platforms to train their employees to recognize fraud.
“PayPal has a zero-tolerance policy for attempted fraudulent activity, and our teams work tirelessly to protect our customers,” said PayPal’s Head of Global Investigations, Michael Sachs. “We are proud to roll out AARP’s BankSafe program to supplement our comprehensive fraud detection tools and we are delighted to adopt it as a part of our employee training program.”
More information about AARP’s BankSafe trainings and resources, including how to sign up for the training, can be found at aarp.org/banksafe.
AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence, AARP strengthens communities and advocates for what matters most to the more than 100 million Americans 50-plus and their families: health security, financial stability and personal fulfillment. AARP also produces the nation's largest circulation publications: AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org/about-aarp/, www.aarp.org/español or follow @AARP, @AARPenEspañol and @AARPadvocates on social media.