Elder & Dependent Adult Financial Abuse
According to the Justice Department, elder abuse/financial exploitation affects nearly 10 percent of older adults, with millions of them losing over $3 billion annually. Add the financial abuse of other dependent adults and the number of unreported cases, and it becomes a crime of epidemic proportions – not only in the US, but worldwide. This webinar will provide a foundational understanding of the red flags and your institution’s obligations.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Use a SAR to notify FinCEN
- Define financial abuse and identify red flags
- Explain the reporting requirements under various state and federal laws
- Distinguish between elder fraud and elder scams as defined by FinCEN
WEBINAR DETAILS
In both elder theft and financial exploitation scams, older adults are often revictimized and subject to potentially further financial loss, isolation, and emotional or physical abuse long after the initial exploitation due to the significant illicit gains at stake. That is why many states have mandated reporting requirements for financial institutions, and federal law provides protection for institutions in states that have not yet adopted mandatory reporting requirements. Even without a legal requirement, financial institutions must take protection of accountholders seriously.
WHO SHOULD ATTEND?
This informative session is designed for all staff, but especially those in contact with accountholders, such as tellers, financial services representatives, call centers, lenders, fraud mitigation staff, risk management professionals, and collectors.
