What is elder abuse in banking?

Elder financial exploitation is defined as the illegal or improper use of an older person’s funds, property or assets. The CFPB’s guidance is intended to assist financial institutions in adopting best practices to prevent elder financial abuse and to intervene effectively when such abuse occurs.

What can you do to prevent elder financial abuse?

3 Critical Ways to Prevent Elder Financial Abuse Combating Elder Fraud. Finra, the self-regulatory agency that oversees brokers, now requires them to ask customers, regardless of age, to provide the name of a trusted contact, such as a Start the Money Talks. Set Up Checks and Balances. Streamline Your Parent’s Finances.

What do you need to know about Elder financial abuse?

Elder Financial Abuse – Keeping It in the Family Elder Financial Abuse Facts and Figures. Unfortunately, compiling accurate statistics regarding elder abuse of any kind is difficult for several reasons. Elder Financial Abuse Explained. Keeping It in the Family – the Perpetrators. Signs and Recourse. Contact Us.

How can you identify financial elder abuse?

Some of the signs of financial elder abuse to watch out for include: Money missing from the financial accounts of a senior. Credit cards belonging to a senior being used in unusual ways, such as a sudden increase in card use. Lack of food in the home, unpaid bills, or letters from collections agencies, all of which can suggest a senior is suddenly struggling for funds. Property or possessions suddenly disappearing.

Who are the perpetrators of Elder financial abuse?

The main perpetrators of financial abuse are the children, grandchildren and spouses of the victim. Many perpetrators of elder financial abuse also have problems with gambling, shopping or substance abuse. The perpetrator may also stand to inherit from the victim.