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Financial institutions and service providers

Financial institutions and others that provide financial services have regular in-person interactions with older adults.

Financial institutions and others that provide financial services have regular in-person interactions with older adults, and their employees may receive training to identify warning signs of elder financial exploitation.

Financial institutions and financial service providers may monitor customer activity to detect suspicious transactions and changes in patterns of financial behavior that may point to financial exploitation.

How they can contribute to working groups

Case review and resolution

To assist with cases of elder abuse identified by the network, financial service providers and institutions can:

Community education and outreach

Financial institutions and financial service providers can:

  • Communicate directly with older customers and educate staff about elder financial exploitation
  • Sponsor, host, or speak at community events and conferences
  • Share information with law enforcement about Bank Secrecy Act requirements, procedures, and strict confidentiality regulations for filing and handling suspicious activity reports (SARs) on suspected elder financial exploitation

Legal action

Financial institutions and financial service providers can, and in some states are mandated to, file a report with Adult Protective Services or law enforcement if they suspect elder financial exploitation.

Financial institutions and financial service providers subject to the Bank Secrecy Act are required by law to file SARs under certain circumstances and can work confidentially with law enforcement agencies to provide information concerning the suspicious account activity and share any documentation referenced in the SAR with law enforcement.

Local or regional protocols and response

Financial institutions, financial service providers, law enforcement, emergency medical first responders, and senior service providers can work together to:

  • Develop regional plans for elder abuse prevention activities
  • Develop protocols for responding to reports of elder abuse
  • Train each other on laws and policies affecting financial institutions
  • Develop internal policies and train staff on the new protocols

Cross-training

Financial institutions and financial service providers can advise other network members on trends and common types of suspicious transactions.

Potential challenges

Financial institutions and financial service providers must abide by laws regarding disclosure of customer information to third parties. They may have restrictions on:

  • When they are legally allowed to share information about an older or vulnerable account holder
  • Who they can share information with
  • How much they can share

Types of contacts to include in your network

See how to report financial abuse of older adults

Financial institutions

  • Depository institutions (banks, credit unions)
  • Money services businesses (MSBs)
  • Investment banks
  • Insurance companies
  • Loan companies

Service providers

  • Accountants (CPAs) and forensic accountants
  • Financial planners and advisors
  • Mortgage brokers
  • Investment advisors
  • Real estate professionals
  • Insurance agents

Staff contact types

  • Bank Secrecy Act/Anti-Money compliance officers
  • Community Reinvestment Act (CRA) compliance officers
  • Data security loss prevention personnel/supervisors
  • Fraud investigation supervisors
  • Government affairs personnel
  • Training officers
  • Marketing directors
  • Foundation leadership

Professional associations

Professional associations, such as state banking associations, credit union leagues, or payment associations may assign staff from these groups:

  • Executive leadership
  • Member relations
  • Government affairs
  • Training officers
  • Marketing and events managers
  • Foundation leadership