|
Top Ten Signs of Elder Financial Abuse
Elder Financial Abuse is an epidemic in America today. It is estimated that over 2 million seniors each year are the victims of Elder Financial Abuse with over 84% of the cases going unreported. Banks have been thrust into the front lines of the effort to stem this growing problem, with many states already designating bankers as "mandatory reporters." Banks must train their front-line personnel to spot the red flags of financial elder abuse, and report suspected cases using proper procedure.
The Top Ten Signs of Elder Financial Abuse are:
- Inappropriate use of a Power of Attorney.
- Sudden changes in bank accounts or banking practices.
- Complaints of stolen or misplaced social security, pension or annuity checks, or about the provision of unnecessary services.
- Unexplained withdrawals of large sums of money by an elder or a person accompanying the elder.
- Abrupt changes in a will or other financial documents, or transfer of assets to a family member or acquaintance.
- Suspicious or forged signatures on financial transactions, transfer of assets or new applications for items like credit or bank cards.
- Elders who appear nervous or give far-fetched explanations of why they need money, or seem confused about missing funds.
- Elderly customers accompanied by another person who bullies them into making withdrawals or do not allow them to speak for themselves.
- New signatories added to an elder's account or newly formed joint accounts between an elder and someone else.
- Credit card transactions or large checks written to unusual recipients, such as salesmen or telemarketers, or frequent checks written to cash.
The Edcomm Group
The Edcomm Group is a 19-year old multimedia training company specializing in the banking industry. The Edcomm Group offers programs such as Compliance, Teller, BSA, AML, EEO, Sexual Harassment, Elder Financial Abuse, Bank Risk, Credit Risk Management, Fraud Prevention, Security, Ethics, OSHA, Lending, Sales & Service, System Simulations, Retail Systems, System Conversions, Leadership & Operations Management. To learn more, please contact Dr. Linda Eagle, President of The Edcomm Group, at 888-433-2666 or linda.eagle@edcomm.com, and visit us on the web at www.bankersacademy.com.
First published on BankersOnline.com 3/20/06
Privacy Policy Disclaimer Recommend This Site ! Contact Us
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
|
|
|
Print Friendly!
Email This Article!
Discuss NOW!