Instances of elder financial abuse and exploitation continue to be an issue for financial institutions.  Fraudsters are constantly changing their tactics and consistently finding ways to defraud older adults.  Many believe financial institutions are uniquely positioned to detect this type of fraud and to take appropriate action to prevent the exploitation of elderly customers.  State and federal regulators continue to urge financial institutions to identify, prevent, and respond to elder financial exploitation.  California also imposes a mandatory legal obligation on financial institutions to report known or suspected instances of elder financial abuse.  However, there are certain legal restrictions that limit what financial institutions can do to prevent financial elder abuse.

 

Thus, it is important for financial institutions to understand what their obligations are when they suspect a customer may be a victim of financial elder abuse or exploitation.  During this Webinar, we will examine the obligations imposed on financial institutions to report financial abuse, including compliance with the California Financial Elder Abuse Reporting (FEAR) Act, as well as various guidance that highlights behavioral and financial red flags to aid financial institutions with identifying, preventing, and reporting suspected elder financial exploitation.

 

Join us for this Webinar as we consider these topics as well as other common questions regarding financial elder abuse.