The rate at which elder fraud is growing annually is alarming, often being described as an "epidemic". Each year older Americans lose billions of dollars from financial fraud – yet many of these attacks go unreported. Besides often lacking the technical knowledge of today's modern banking channels, many victims are hesitant to report these attacks due to guilt or embarrassment – a weakness fraudsters are quick to exploit. So how do financial service organization begin to mitigate the risk and protect elders from financial abuse?
Along with having the correct fraud controls in place, it is critical to understand all the aspects of elder financial exploitation. In this whitepaper you will find:
- The two major fraud schemes that make up elder financial exploitation and what they entail
- Practical tips to how your financial institution can detect these scams
- Best practices for managing the investigation and reporting of elder financial exploitation elder