Chesapeake Financial Shares Inc. (OTCQX:CPKF)'s Chesapeake Bank was honored by the American Association of Retired Persons (AARP) for its steadfast efforts in combatting financial exploitation.
On March 6, AARP revealed the recognition of Chesapeake Bank among a cohort of 166 banks, credit unions, and financial advisory firms bestowed with the prestigious BankSafe Trained Seal.
The increase of almost 25% in seal recipients compared to the previous year underscores a growing industry-wide dedication to safeguarding against financial exploitation.
Senior Vice President and Chief Retail Officer of Chesapeake Bank, Sam Poole, expressed the institution's rationale behind pursuing the AARP BankSafe certification.
"We pursued AARP BankSafe certification to reaffirm our commitment to the safety and security of our customers' financial assets,” Poole said in a statement. “This certification underscores our dedication to providing peace of mind and trusted banking services for individuals across all stages of life."
According to Kilmarnock, Virginia-based Chesapeake Bank, the impact of BankSafe-trained personnel in preventing financial losses among older adults is profound.
Drawing from a study conducted by Virginia Tech, it is estimated that BankSafe-trained employees have collectively thwarted around $300 million in attempted financial thefts since 2019, offering crucial protection to over 230 million customers nationwide.
Nearly $28.3 billion is pilfered annually from adults over the age of 60 in the United States alone.
“These financial organizations continue to take meaningful steps to ensure their staff have the tools, skills and confidence to spot and stop financial exploitation before money ever leaves an account,” said Jilenne Gunther, National Director of AARP’s BankSafe Initiative.
To earn the esteemed BankSafe Trained Seal, organizations must ensure that over 80% of their frontline staff complete AARP's comprehensive BankSafe training and actively implement policies to address suspected cases of financial exploitation.
Additionally, maintaining a positive standing in Better Business Bureau ratings and adhering to specific legal and regulatory standards are essential criteria for seal eligibility.