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Protecting Your Elderly Customers from Financial Abuse
Question: What can your bank do to better protect your elderly customers from elder financial abuse?
Answer: The bank is in the prime position to detect and prevent elder financial abuse. In order to protect your elder customers from financial abuse you should:
- Educate your staff on what elder financial abuse is and who is affected.
- Know the elder financial abuse laws in your state.
- Establish a bank policy that includes federal and state laws, and procedures for reporting potential cases.
- Ensure that your personnel can easily access documentation with the bank’s procedure when a case of elder financial abuse is suspected.
- Empower your employees to identify the types of elder financial abuse and know the red flags.
- Encourage your staff to initiate a friendly relationship with elder customers. This will keep the line of communication open so that the elder feels comfortable and will seriously consider any warnings or advice.
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 4/07/08
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