Seniors lose approximately $2.9 billion annually to financial abuse. With baby boomers retiring every day, along with an estimated $12 trillion in wealth transfers expected to take place between generations, that number could continue to grow. Financial institutions can play a key role in detecting, responding to, and preventing elder financial exploitation (EFE) because they are often well-positioned to detect when older accountholders have been targeted or victimized. In addition, there are BSA requirements to report suspicious activity; FinCEN has issued advisories regarding EFE and added a specific field for reporting it on the SAR.
Recorded July 11, 2019
Attendance certificate provided to self-report CE credits.
- Scope of elder financial exploitation and fraud-prevention challenges
- EFE red flag indicators from FinCEN
- Recognizing and preventing scams
- Protecting seniors’ accounts
- Best practices for reporting elder financial exploitation, including BSA and SAR requirements
- How law enforcement uses EFE SARs
- Tips for preventing financial exploitation
- How to report suspected financial fraud to Adult Protective Services
- How to provide information without violating privacy
- TAKE-AWAY TOOLKIT
- Elder financial exploitation resources
- Example of an actual EFE scam
- Checklist for completing a SAR that involves EFE
- Report template for reporting suspected fraud to APS and law enforcement
- Employee training log
- NEW – Interactive quiz
WHO SHOULD ATTEND?
This informative session will teach frontline employees, tellers, branch managers, compliance officers, security officers, and BSA officers the scope of elder financial abuse and actions to combat this growing criminal activity.
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.