Elder Financial Abuse Schemes
The Department of Justice estimates that each year 1 in 10 Americans over the age of 65 will experience some form of elder abuse. While some abuse may be physical, financial abuse and/or exploitation is by far the most common. That is a really sad statistic! While this form of abuse is often perpetrated by unknown third parties, it’s also quite common for people close to the person (family members, etc.) to take advantage of them.
An FBI list put out a few years ago gives a good rundown of some types of scams that target elderly persons along with some prevention and mitigation tactics.
Your employees should be trained on elder abuse red flags to maintain awareness in their day-to-day customer interactions.
Published
2023/08/18
Amy Kudlacek
Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager. Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelors Degree in Business Administration and is a graduate of the ABA Compliance School. Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!