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Recognizing & Preventing Elder Financial Exploitation
1.8 AAP/APRP Credits
June 15th is world Elder Abuse Awareness Day. A guidance issued by the Consumer Financial Protection Bureau (CFPB) clarifies that reporting suspected financial abuse of older adults to appropriate local, state, or federal agencies does not violate the privacy provisions of the Graham-Leach-Bliley Act. Along with this guidance, some states have financial institution education requirements pertaining to elder exploitation which this session may satisfy. With this being said, your financial institution is in the best position to stop the identity theft and financial exploitation of your senior account holders. Any senior, regardless of economic status, gender, race, age, or educational background can be the target of financial abuse, so you need to be aware of the red flags. Do you have a plan in place to react effectively when this situation occurs? In this session we will walk through scenarios that will provide resources to utilize as these situations arise. The session will also help you identify:
• Who are the victims?
• Who are the perpetrators?
• Warning signs
• What you can and need to do
This session is ideal for ACH Operations, Audit & Compliance staff, and AAP Candidates.
