Elder Fraud Red Flags & Safeguards

The "Elder Fraud Red Flags and Safeguards" document by NETBankAudit provides financial institutions with guidance on identifying and addressing elder financial exploitation. It outlines common red flags, such as unusual account activity, sudden changes in account access, or questionable transactions. The report highlights effective safeguards, including employee training, enhanced customer verification, and monitoring systems, to detect and prevent fraud targeting elderly customers. By implementing these measures, institutions can protect vulnerable clients and maintain compliance with regulatory expectations.