Presented by
Michelle Brophy, Geoff Gallant, Dan Castro, Allie Suazo
Elder Financial Exploitation: Trends and Typologies
About this talk
Originally Presented: June 19, 2024
June 15 is Elder Abuse Awareness Day, with the aim to highlight the growth in crimes targeting the elderly population. Vastly underreported, elder financial exploitation (EFE) is estimated to impact countless elderly Americans each year and is a growing concern. Victims can lose their savings and investments – severely impacting their personal well-being and financial security.
The variety of scams impacting elderly victims can oftentimes be tied to other financial crimes and criminal networks. As highlighted in the AML/CFT Priorities, predicate crimes that generate illicit proceeds and are laundered pose a major threat to the financial system. Improving the efficiency and effectiveness of the nation’s AML/CFT regime is essential.
In this panel conversation, industry experts discuss the scope of the problem EFE poses and the role financial institutions play in addressing and preventing them.
Nasdaq Verafin Financial Crime Management
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Industry and Technology Insights for Banks and Credit Unions
Nasdaq 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.