How Are Elders Abused and Why Should You Care as a Bank or Credit Union?
Recent studies suggest that financial exploitation is the most common form of elder abuse that only a small fraction of incidents are reported. Elder abuse includes the illegal or improper use of an older adult’s funds, property or assets. Credit unions and Banks play a key role in preventing and detecting this form of financial exploitation. Financial institutions often spot the red flags for abuse sooner than anyone else. Stay alert and you might make a big difference in someone’s life.
Signs of Elder Abuse
- Frequent large withdrawals
- Sudden non-sufficient fund activity
- Uncharacteristic nonpayment for services
- Uncharacteristic attempts to wire large sums of money
- The closing of CDs or accounts with no regard to penalties
- Caregiver or other individuals shows excessive interest in the older adult’s finances
- The financial institution is unable to speak directly with the older adult, despite repeated attempts to contact him or her.
- A new caregiver, relative or friend suddenly begins conducting financial transactions on behalf of the older adult without proper documentation
- The older adult’s financial management changes suddenly, such as through a change of power of attorney to a different family member or new individual
- The older adult lacks knowledge about his or her financial status or shows a sudden reluctance to discuss financial matters.
These tips on Elder Abuse were first published in Bankers eCampus Compliance News.
If you are interested in training on the subject, check out the Sales & Service on the Frontline CD-ROM Training Program and our top-rated teller training manual Essential Teller Issues.