Mitigating Financial Exploitation: How Financial Institutions are In the Middle of Unknown Fraud and What You Need to Know!

Agenda  Defining the Terms  At Risk Adult Background  Types of Fraud Schemes  Knowing Red Flags and Fraud Prevention  Questions

Defining the Terms

 At Risk Adult - Disabled Adult – Person 18 years of age or older who is mentally or physically incapacitated or has Alzheimer’s Disease, or dementia or an Elder Person (Person 65 years of age or older).  Financial Exploitation - “Illegally or improperly using a disabled adult or elder person or that person's resources through undue influence, coercion, harassment, duress, deception, false representation, false pretense, or other similar means for one's own or another person's profit or advantage”.  Red Flags – quick identifiers that there could be fraudulent activity happening or in preparation of occurring.

At Risk Adult and Financial Exploitation Background

 Every day, older adults and adults with disabilities are suffering from abuse, neglect, and exploitation; often by people they trust the most.  Abusers may be spouses, family members, personal acquaintances, professionals in positions of trust or opportunistic strangers who prey on the vulnerable.

At Risk Adult and Financial Exploitation Background  Wealth  Social Security Check  Easy to Find

At Risk Adult and Financial Exploitation Background  Physical/Mental  Trust  Faith

Types of Financial Exploitation

At Risk Adult and Financial Exploitation Two general categories: 1.Financial exploitation committed by strangers 2.Financial exploitation committed by relatives, friends and caregivers

At Risk Adult and Financial Exploitation: Financial Exploitation by Strangers Financial exploitation committed by strangers generally involves deliberately deceiving the victim with the promise of goods, services or other benefits that are nonexistent, unnecessary, never intended to be provided or misrepresented.

At Risk Adult and Financial Exploitation: Financial Exploitation by Strangers Common Schemes: You can win/You have won a prize or a lot of money Required to send in money to cover taxes, shipping or processing fees Prize or money never delivered or a cheap gift not worth the amount paid

At Risk Adult and Financial Exploitation: Financial Exploitation by Strangers Investments: Persuade victim to invest in precious gems, real estate annuities or stocks and bonds by promising unrealistically high rates of return Often consist of fake gemstones, uninhabitable property or share in nonexistent or unprofitable company Charity Contributions: Solicit donations to nonexistent charities or religious organizations Check to find out if a charity is legitimatewww.charitywatch.org Can also check with local Better Business Bureau

At Risk Adult and Financial Exploitation: Financial Exploitation by Strangers Home and Automobile Repairs: Recommend fraudulent “emergency” home repairs - usually require and advance deposit May fail to do any work, start but not finish or do substandard work - offenders often transient Sweetheart Scams

At Risk Adult and Financial Exploitation: Financial Exploitation by Strangers Loans and Mortgages:  Provide loans with huge interest rates, hidden fees, etc. Health, Funeral and Life Insurance:  Selling duplicate coverage  Do not provide coverage promised  Bogus companies  IRS Payments

At Risk Adult and Financial Exploitation: Financial Exploitation by Relatives, Friends and Caregivers  In a position of trust and have an ongoing relationship  Steals, withholds or misuses victim’s money, property or valuables for personal advantage or profit  Use deceit, coercion, intimidation, emotional abuse, empty promises of care Isolate the victims  Financial exploitation is often the driving force behind other forms of abuse, especially neglect.

Knowing the Red Flags and How To Respond

Knowing the Red Flags Unusual Banking Activity:  Incoming Wires/Outgoing Wires  Debit Card Activity  Large checks cashed  Credit Card charges  ATM withdrawals No Control over Finances Escalated Customer Calls on Account Requesting Balances, Information, Requests to change information, etc.

Knowing the Red Flags Signs of Abuse/Financial Exploitation  Stacks of unsolicited mail  Unsolicited phone calls  Difficulty covering basic expenses such as food, utilities, etc.  Checks and withdrawals that can not be explained  Recent acquaintance interested in finances  A relative or caregiver with no mean of supports takes an interest  Isolation  Older or disabled adult no longer received checking account and credit card statements  Suspicious signatures on checks  New documents drafted

Mandated Reporters Physicians licensed to practice medicine, interns, or residents Hospital or Medical Personnel Dentists Licensed Psychologists and Persons Participating in Internships to Obtain Licensing Podiatrists Registered Professional Nurses or Licensed Practical Nurses or Nurse's Aides Professional Counselors, Social Workers, or Marriage and Family Therapists School Teachers School Administrators School Guidance Counselors, Visiting Teachers, School Social Workers, or School Psychologists Child Welfare Agency Personnel

Mandated Reporters Child-Counseling Personnel Child Service Organization Personnel Law Enforcement Personnel Reproductive Health Care Facility or Pregnancy Resource Center Personnel and Volunteers Physical Therapists/Occupational Therapists Day-Care personnel Coroners/ Medical Examiners EMS Personnel/EMT/Paramedics, Cardiac Techs or First Responder Employees of a Public or Private Agency Engaged in Professional Health Related Services (to this population) Clergy Members Any employee of a Financial Institution

Reporting the Event Contact Adult Protective Services (APS) AGING ( ) - Contact Healthcare Facility Regulation (HFR) Contact Law Enforcement SARS Filing

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Questions YOU MAY BE A VICTIM’S ONLY HOPE FOR HELP.

Did You Know?

For Our AAP’s on the Line You may submit AAP Credits if you wish: Elder Abuse & Financial Exploitation Risk Management Webinar Speaker: Terri Sands, Secura 1.2 AAP Credits NOTE: These credits have not been preapproved by NACHA; however you may submit as part of your AAP credits in 2014.