This session will take attendees through the different types of payment channels that are susceptible to elder financial exploitation, discuss how to mitigate the risks and identify potential elder financial exploitation events in contingency situations such as COVID-19 and other disaster events. The session will include recommendations for enhancing your transaction monitoring system to help detect potential elder financial exploitation related schemes. Additionally, speakers will discuss how to incorporate EFE into training programs so front-line staff can more easily identify behavioral and other red flags that are frequently present in cases of EFE. Lastly, we will discuss appropriate and recommended responses banks can take if and when EFE is suspected.
Who Should Attend?
- Deposit Operations
- Electronic Banking
- Risk Management
- Fraud Management and support teams
- BSA Officer and support teams
- Retail and Treasury Departments
- Call Centers
- Senior Management
- Overview of the Significance of widespread fraud in Elder Financial Exploitation
- Fraud events that have faced Elders during the COVID-19 Crisis
- Implementing controls in your BSA/AML monitoring system for identifying EFE
- Mitigation strategies for closing the gaps to stop elder financial exploitation events as a normal course of business and during significant disaster events
- Staff training recommendations for handling these events including talking point