Our bank caters to older people, so-called seniors and elders. As a group, these customers are 65 and older. We are located in a state where the senior and elderly population is about 20% of the population, which is the highest percentage in the country.
Not a week goes by when we don’t have alarm bells going off because one of our elderly customers seems to be getting financially exploited. It is harrowing and unnerving. You would not believe the types and number of scams. It is so frustrating I could scream!
I’m just a lowly branch manager. I have taken the BSA/AML employee training. But I am required to pass these situations up to our compliance people, who do a great job of resolving the issues. I believe they file SARs with FinCEN, too. Although compliance does a great job, I want to have my own list of Red Flags.
You’ve written about elder financial abuse and even provided some Red Flags. But I would like to spot behavioral and financial activities. I would be very grateful if I could get a list of such Red Flags.
What are some Red Flags for elder financial abuse?
