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Training to identify and prevent elder abuse financial exploitation is crucial in the banking industry. Elder financial abuse is a type of elder abuse in which misappropriation of financial resources or abusive use of financial control, in the context of a relationship where there is an expectation of trust, causes harm to an older person.
The Older Americans Act of 2006 defines elder financial abuse, or financial exploitation, as “the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or fiduciary, that uses the resources of an older individual for monetary or personal benefit, profit, or gain, or that results in depriving an older individual of rightful access to, or use of, benefits, resources, belongings, or assets.”
In addition seniors also are deliberately targeted by scams, fraud, and misleading marketing—often by otherwise legitimate businesses. This may include:
- Fraudulent investment or insurance schemes
- Fraudulent contracts (such as extended car or home warranties that, in reality, cover nothing)
- Unauthorized charges imposed by Internet service providers
- Worthless “sweepstakes” that elderly persons must pay in order to collect winnings
- Fake pharmaceutical or diet/health products
- Medical billing scams and unnecessary medical care
- Predatory or unnecessary lending (e.g., reverse mortgages)
- Charitable giving scams, including pressure to rewrite wills
- Identity theft
- Lottery scams
- Work-from-home schemes or other ways to generate income
Credit unions play an important role in recognizing victimized seniors. Bringing awareness to employees helps to better serve members and prevent possible abuse. One Nevada Credit Union’s goal for 2019 was to have all its employees recognize and focus awareness on the growing concern of fraudulant banking transactions and surpass 2018’s efforts to stop possible losses to the credit union.
Program Details
“Elder Abuse Training” is a required course for all employees at One Nevada Credit Union (ONCU). It is required annually to remind staff of what to look for and how to report any elder abuse concerns. The training covers the different types of elder abuse, signs of elder abuse, and how to report it. All employees learn the Safe Harbor Clause, which provides protection from liability, in Elder Abuse Training. This helps staff understand that not only is reporting elder abuse the right thing to do, but the lawful thing to do.
Elder Abuse Training is delivered through a Webinar that is accessible by Internet to all staff at any time. Staff members also have a reference to turn to for a quick refresher. And the senior vice president of Audit & Security sends e-mails with examples of elder abuse to keep staff on alert.
Results
Elder Abuse Training has resulted in 12 possible elder abuse cases being sent to the state, and ONCU surpassed its 2018 number in recognizing more than $1.8 million in potential fraudulent losses in 2019.