Preventing Elder Financial Exploitation
Your financial institution is in the best position to stop the identity theft and financial exploitation of your senior account holders. A guidance issued by the Consumer Financial Protection Bureau (CFPB) clarifies that reporting suspected financial abuse of older adults to appropriate local, state, or federal agencies does not violate the privacy provisions of the Graham-Leach-Bliley Act. Along with this guidance, some states have financial institution education requirements pertaining to elder exploitation which this session may satisfy.
Any senior, regardless of economic status, gender, race, age, or educational background can be the target of financial abuse, so you need to be aware of the red flags. Do you have a plan in place to react effectively when this situation occurs? In this session, we walk through scenarios and provide resources for when situations arise. The session will also help you identify:
- Who are the victims?
- Who are the perpetrators?
- Warning signs
- What you can and need to do
Who should attend: Suited for Frontline, ACH Operations, Branch Personnel, Compliance Officers and AAP candidates
1.2 AAP Continuing Education Credits