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Payments Industry Practices for Combatting Elder Financial Exploitation

Virtual

Updated

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Elder financial exploitation (EFE) is the illegal or improper use of an older adult’s funds, property, or assets. This can include financial abuse committed by someone the elder knows, or financial fraud committed by a stranger.

The financial institutions and financial technologies that process electronic payments can play important roles in combatting EFE. For instance, the payments industry can:

  • Identify trends and patterns in transactions that have value for EFE prevention and law enforcement
  • Take steps to prevent identity theft, fraudulent transactions, and other crimes
  • Assist with early intervention, investigation, and recovery of stolen funds

A webinar held on Thursday, September 5, featured payments industry practices for combatting EFE. The event recording will be included in the CFPB’s library of webinars on elder justice topics.

View recordings of other Consumer Financial Protection Bureau webinars on elder justice topics . Visit consumerfinance.gov/eldernetworks for resources to build or enhance an elder justice network in your area.

Agenda

Time Agenda Location Speakers
– Payments Industry Practices for Combatting Elder Financial Exploitation Virtual Jenefer Duane (Senior Program Analyst, Office for Older Americans, Consumer Financial Protection Bureau); Gary Stein (Partner and Chief Portfolio Officer, 99FinTech); Jason Kratovil (Head of Policy and Public Affairs, SentiLink); Mary Gilmeister (President, Macha); Rayleen Pirnie (Director Risk and Fraud, NEACH); Lisa Schifferle (Senior Policy Analyst, Office for Older Americans, Consumer Financial Protection Bureau)