Archived Webinar

Elder Financial Exploitation: Protecting your Vulnerable Customers

Best Practices for Financial Institutions for Early Detection & Timely Reporting

Originally Presented: June 21, 2018

Elder Financial Exploitation (EFE) is a growing issue with significant impact on individuals and families. Believed to be largely underreported — it is shocking that this crime could be costing vulnerable older citizens as much as $36.5 billion per year in the US.

However, financial institutions can play a key role in helping to prevent this financial abuse of the elderly, with early detection of red flags and timely reporting to law enforcement. This is emphasized in a 2011 Advisory from FinCEN, as well as the Joint Memorandum to encourage coordination among law enforcement, and adult protective service agencies (APS) to protect issued by CFPB, the Department of the Treasury, and FinCEN.

This webinar will explore the scale of Elder Financial Exploitation, provide real-life examples from peer institutions, 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
  •   Red Flags
  •   SARs

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