It’s a sad reality that the elderly are often targets of financial abuse—particularly those who suffer from cognitive deficiency. Banks are often the front lines when it comes to identifying and fighting back against this particular form of exploitation. In a recent article for BankDirector, Nick Losurdo offers a number of useful tips for banks striving to protect the interests of their aging customers.
Banks should insure that their front-line staff, including both branch personnel and call center operators, are aware of the signs of elder financial abuse and empowered to pass any suspicions of abuse along to management. It’s also important to have a plan laid out that defines your bank’s policies, processes, and procedures, including what steps staff should take in the event of suspect activity. Finally, banks should always remain fully informed and up-to-date on both state and federal requirements for reporting financial abuse.
For more tips and greater detail, read the article in full at BankDirector.