Archived Webinar

Elder Financial Abuse: Protecting Vulnerable Customers from Fraud

Special Fraud Webinar Series
Leveraging Technology for Fraud Prevention and Management

Originally Presented: May 10, 2018

Elder Abuse is a growing crime that should compel everyone to take action. While it is believed that as few as 1 in 14 cases are reported, elder financial abuse and fraud costs older Americans $36.5 billion per year.

The repercussions of this crime go beyond losses, as financial exploitation goes hand-in-hand with verbal and emotional abuse, physical abuse and neglect of care. Financial institutions are facing increased responsibility to help combat this exploitation through detection and reporting, and to protect their vulnerable customers.

In 2011, FinCEN issued an advisory on elder financial exploitation, that outline the key role FIs can play in addressing elder financial abuse, provided potential red flag indicators, and emphasized the need to file SARs when FIs they suspect this crime has occurred.

This presentation includes a discussion of the scale of this crime and highlights some key indicators of Elder Financial Exploitation. We will also provide a quick overview of Verafin’s new targeted Check Fraud scenario that prevents losses by alerting you to increased spending by elderly customers and help automate required SAR filing on suspected cases of Elder Abuse.

Highlights of this 20-minute presentation:

  • Discussion on the challenges of preventing fraud targeting senior customers.
  • Review of FinCEN guidance and Red Flag Indicators of Elder Financial Abuse
  • Demonstration of targeted Fraud Detection scenarios to uncover exploitation of your vulnerable customers

Tagged as...

  •   Check Fraud
  •   Deposit Fraud
  •   Fraud
  •   Fraud Management
  •   Red Flags

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