Chesapeake Bank Recognized by AARP for Their Role in Fighting Financial Exploitation

On March 6, AARP announced Chesapeake Bank and 166 other banks, credit unions and financial advisory firms that earned the BankSafe Trained Seal in recognition of the steps they’ve taken to curb financial exploitation.

This represents an almost 25% increase in the number of seal recipients since last year. Notably, more than one-third of this year’s recipients have earned the seal at least three times in the last five years. A list of the financial organizations that qualified for the 2024 BankSafe Trained Seal can be found here.

"We pursued AARP BankSafe certification to reaffirm our commitment to the safety and security of our customers' financial assets,” said Sam Poole, Senior Vice President, Chief Retail Officer of Chesapeake Bank. “This certification underscores our dedication to providing peace of mind and trusted banking services for individuals across all stages of life."

Based on a Virginia Tech study, it is estimated that BankSafe-trained employees have helped prevent nearly $300 million from being stolen from the accounts of older adults since 2019. These BankSafe-trained employees play a crucial role in protecting over 230 million customers across the U.S.

“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 seal, organizations must ensure over 80% of their frontline staff complete AARP’s comprehensive BankSafe training, alongside actively pursuing policies to address suspected financial exploitation. Eligibility for the seal also requires a positive standing in Better Business Bureau ratings and adherence to specific legal and regulatory standards.

A June 2023 AARP report found that at least $28.3 billion a year is stolen from adults over the age of 60 in the U.S. This report underscores the importance of empowering financial organizations and their employees to recognize and act against financial exploitation.

The BankSafe Trained Seal is not a product or service endorsement but indicates that a financial institution’s frontline employees have been substantially trained in financial exploitation prevention. Training courses for each respective industry are available at no cost to banks, credit unions and financial advisors in the United States.

More information about AARP’s BankSafe trainings and resources, including how to sign up for the training, can be found at aarp.org/banksafe.

About AARP

AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering Americans 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 works for individuals in the marketplace by sparking new solutions and allowing carefully chosen, high-quality products and services to carry the AARP name. As a trusted source for news and information, AARP 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.

ABOUT CHESAPEAKE BANK

Chesapeake Bank, founded in 1900, is a subsidiary of Chesapeake Financials Shares (CFS: CPKF), headquartered in the Northern Neck, also serving Richmond, Williamsburg, the Middle Peninsula, Newport News, and Chesterfield regions. The company also offers credit processing and ABL financing. Named by American Banker as one of the Top 200 Community Banks and a Best Bank to Work For, employing 280+. Visit: www.ches.bank