TOPIC: FinCEN

Blog | Elder Financial Abuse: SAR Trends - Industry Report Reveals Need for Improved Detection & Reporting

Blog
Elder Financial Abuse: SAR Trends
Industry Report Reveals Need for Improved Detection & Reporting

June 12, 2019 by Verafin

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In February 2019, the Consumer Financial Protection Bureau (CFPB) released a study on elder financial abuse, utilizing information from Suspicious Activity Reports (SARs) to identify emerging trends in financial crime, and calling upon financial institutions to proactively monitor and report suspicious activities to law enforcement and adult protective services.

Learn how financial institutions can help protect vulnerable consumers from fraudulent financial abuse with innovative technological solutions. With timely reporting of potentially suspicious activity to FinCEN and law enforcement, institutions can prevent further abuse and further financial loss, and ensure victims receive the valuable services and interventions required for recovery.

Read more on Elder Financial Exploitation SAR trends and recommendations from the report

    Webinar - 1 CAMS Credit | Elder Financial Abuse - Join us June 13

    June 13 at 12:30 PM - 01:30 PM EST
    Elder Financial Abuse
    Best Practices for Financial Institutions for Early Detection & Timely Reporting

    1 CAMS CREDIT

    Register Now

    Elder financial abuse is a significant and growing issue that has devastating effects on individuals and families. Believed to be largely underreported — financial institutions are facing increased responsibility to help combat the exploitation of vulnerable customers.

    Join us for this CAMS-accredited webinar, as we discuss the scale of elder financial exploitation and outline key considerations and guidance from industry publications, including red flag indicators and best practices for reporting.

    In this webinar, you will learn:
    • The scale of elder financial exploitation and the challenges of preventing it
    • Potential red flag indicators of elder financial exploitation from FinCEN’s 2011 Advisory
    • Best practices for reporting elder financial exploitation, including Suspicious Activity Reporting, and contacting appropriate local and state-level agencies
    Register Now

      Free Webinar - Elder Financial Exploitation, the Hidden Crime | 1 CAMS credits, 1.25 CAFP, CFSSP, CRCM credits

      Thursday, June 20 - 1 p.m. CST/2 p.m. EST

      Elder financial exploitation is a growing concern in our communities, and the more the U.S. population ages the faster crimes against the elderly will grow. Financial institutions have a unique position to observe this early and stop the activity prior to a victim being left financially destitute. In fact, in most states financial institution employees are mandatory reporters of elder abuse. This session will help you identify elder financial abuse in your community and help stop it before it’s too late.

      Join us for a free webinar to learn:
      • How to spot the red flags of elder financial exploitation
      • Best practices to train your front-line staff in identifying this crime
      • When and how to properly file a SAR in an elder financial exploitation case
      • Who to report in your state(s) and whether you’re a mandatory reporter
      Presenters: Terri Luttrell, CAMS-Audit and Rachel Portnoy, Community Liaison for Adult Protective Services (APS)

      Earn 1 CAMS credit and 1.25 CAFP, CFSSP, and CRCM credits. 

      Register today!