Elder Financial Abuse

Presented by

Corey Lynch, Jim Richards, Zane Morgante

About this talk

Elder financial abuse is a devastating crime that is growing in prevalence as bad actors exploit fear and uncertainty of vulnerable customers during the COVID-19 crisis. Believed to be largely underreported, financial institutions must respond quickly to combat the exploitation of senior customers. Join our expert panel including Corey Lynch, product expert at Verafin, industry expert Jim Richards, former BSA Officer at Wells Fargo, and Zane Morgante, CFE and Loss Prevention Program Manager at Bank OZK, as they share perspectives from across the industry on elder financial exploitation. These speakers will keep you informed of emerging COVID-19-related scams, and key considerations from industry publications and guidance, including red flag indicators, best practices for detection, and trends from suspicious activity reporting. In this webinar, you will learn: - The scale of elder financial exploitation and the challenges of preventing fraud targeting senior customers. - How criminals are leveraging the COVID-19 pandemic to target elderly and vulnerable 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.