Archived Webinar

Elder Financial Abuse

Best Practices for Financial Institutions for Early Detection & Timely Reporting

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Originally Presented: June 13, 2019

Elder Financial Abuse is a significant and growing problem issue that has devastating effects on individuals and families. Believed to be largely underreported — financial institutions are facing increased responsibility to help combat the exploitation of vulnerable customers.

Early detection of red flags and timely reporting to law enforcement are critical to protecting elderly customers from financial loss. This was emphasized in the 2011 Advisory from FinCEN, as well as the 2018 Joint Memorandum encouraging coordination among law enforcement, and adult protective service agencies (APS) to protect issued by CFPB, the Department of the Treasury, and FinCEN.

Join us as we discuss the scale of Elder Financial Exploitation and outline key considerations from industry publications and guidance, including red flag indicators and best practices for reporting.

In this webinar, you will learn:

  • The scale of Elder Financial Exploitation and the challenges of preventing fraud targeting senior customers.
  • Potential Red Flag Indicators of Elder Financial Exploitation from the FinCEN Advisory
  • Best practices for reporting Elder Financial Exploitation, including Suspicious Activity Reporting, and contacting appropriate local and state-level agencies.

Tagged as...

  •   Elder Financial Abuse
  •   Fraud
  •   Fraud Scams
  •   Red Flags
  •   SARs