Elder Financial Abuse

Presented by

John Hawkin, Verafin

About this talk

Presented by Verafin Elder Financial Abuse is a significant and growing problem issue that has devastating effects on individuals and families. Believed to be largely underreported — financial institutions are facing increased responsibility to help combat the exploitation of vulnerable customers. Early detection of red flags and timely reporting to law enforcement are critical to protecting elderly customers from financial loss. This was emphasized in the 2011 Advisory from FinCEN, as well as the 2018 Joint Memorandum encouraging coordination among law enforcement, and adult protective service agencies (APS) to protect issued by CFPB, the Department of the Treasury, and FinCEN. Join us for this webinar, as we discuss the scale of Elder Financial Exploitation and outline key considerations from industry publications and guidance, including red flag indicators and best practices for reporting.   In this webinar, you will learn: - The scale of Elder Financial Exploitation and the challenges of preventing fraud targeting senior customers. - Potential Red Flag Indicators of Elder Financial Exploitation from the FinCEN Advisory - Best practices for reporting Elder Financial Exploitation, including Suspicious Activity Reporting, and contacting appropriate local and state-level agencies.

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Verafin is the industry leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. 3500 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states.