Financial elder abuse is possibly one of the hardest types of abuse to spot. Neglect and physical abuse often leaves signs of the abuse that a readily visible to the eye. Financial abuse is not always immediately apparent. Thankfully, some banks are putting practices into place to help spot this type of abuse.
With a growing population of elder Americans getting diagnosed with Alzheimer’s Disease, banks and credit unions are now taking precautions to spot, report, and help prevent financial elder abuse. There is an expected 40% rise in the number of seniors diagnosed with the degenerative disease by 2025.
Tellers are being trained to flag potential suspicious behavior. The kinds of behaviors they are looking for are several large withdrawals over a short period of time as well as transfers of large sums of money. Both can be indicators of coercion and elder financial abuse.
The main reason that the elderly are targeted is because they have savings that fraudsters want. It is not easy to keep the aging population up to date on the latest scams. While banks offer some protection against scams, often credit union members are on the hook for their own losses.
Employees of banks, from the tellers to bank managers are being taught to report their suspicions to Adult Protection Services, legal aid, and sometimes, even the local police. Due to privacy laws, however, employees of financial institutions are limited in what they can report and whom they can report to.
While all banks have some sort of protection measures in place, one bank has risen to the forefront in this effort. Citibank is actually advertising their policies and procedures in order to attract older customers to their services.
If you believe that someone you love has been the victim of elder abuse, contact the law offices of Schenk Smith. Our attorneys specialize in elder abuse litigation. Contact us today for a consultation.