BofA & AARP Team to Fight Senior Financial Exploitation

Bank of America and AARP announced a collaboration to provide resources to help­ retirees combat financial exploitation. Through the collaboration, Bank of America will feature AARP educational content in the Bank of America Security Center. The additional content, focused on promoting security and fighting scams, will complement the Security Center’s full range of information related to the bank’s efforts to help clients to identify, avoid and resolve fraud events faster. Bank of America will also offer an exclusive 31 percent discount on a two-year AARP membership to its Preferred Rewards members, allowing them to take advantage of the wide range of AARP benefits and resources, in addition to the extensive list of rewards provided through the bank’s industry-leading loyalty program.

The collaboration reflects the commitment of both organizations to help people plan for the financial challenges that come with advanced life stages and to help identify and prevent fraud.

“As our clients navigate caregiving and retirement life stages, our goal is to help them manage and protect their finances and live their best financial life,” said Kieth Cockrell, head of Bank of America Specialty Client Services. “We’re thrilled to work with AARP to enhance all that we provide to our clients.”

AARP Senior Vice President of Digital Strategy and Membership Sami Hassanyeh added, “Because we know fighting fraud requires vigilance and ongoing awareness, we are excited that Bank of America Preferred Rewards participants will save on AARP membership and get the ongoing access to tools, tips and advocacy against financial exploitation they need to help protect them, their families and their life savings.”

Preferred Rewards is a three-tiered membership program available to Bank of America clients. Currently, nearly 6 million clients are enrolled in Preferred Rewards. It is the first no-fee program of its kind that recognizes and rewards clients for choosing to do more across their Bank of America banking and/or Merrill investment accounts. The loyalty program’s unique relationship-based approach provides members extensive rewards and benefits across their deposit accounts, investments, credit cards, mortgages, auto loans and banking services, as well as access to exclusive discounts and experiences. Last year, Bank of America launched Preferred Rewards for Business to provide business owners rewards and solutions to grow their businesses.

Visit bankofamerica.com/preferred-rewards for more information about the benefits and discounts offered in the Preferred Rewards program, and for more about AARP’s work against financial exploitation, visit https://www.aarp.org/money/scams-fraud/.