Preventing Financial Preventing Financial ExploitationExploitation

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Vulnerable Adults in MissouriVulnerable Adults in Missouri

Preventing Financial Preventing Financial ExploitationExploitation

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Vulnerable Adults in MissouriVulnerable Adults in MissouriMissouri Department of Health and Senior Services (DHSS)

Division of Senior and Disability Services

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• Missourians• Stopping • Adult• Financial• Exploitation

WHAT IS MOSAFE?

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• AARP; • Missouri Alliance of Area Agencies on Aging;• Missouri Association of Public Administrators;• Missouri Bankers Association;• Missouri Credit Union Association;• Missouri Independent Bankers Association;• Missouri Police Chiefs Association;• Missouri Sheriffs’ Association;• Office of the Attorney General;• Office of the Lieutenant Governor; and many

others

MOSAFE PARTNERS

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Stop attempted or ongoing financial exploitation before a vulnerable adult’s funds are exhausted;

Train employees of financial institutions on how to detect and report financial exploitation;

Educate consumers, financial institutions and the general public that financial exploitation is a crime in an effort to prevent it.

GOALS OF MOSAFE

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The illegal use of a vulnerable adult’s resources for another

person’s gain or profit.

WHAT IS FINANCIAL EXPLOITATION?

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A vulnerable adult is at least 60 years old, or disabled and between 18 and 59.

Vulnerable adults often lack the physical or mental capacity to provide for their daily needs. This makes them prime targets for predators who want to exploit them.

VULNERABLE ADULT

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• Maintains an Elder Abuse and Neglect Hotline;

• Has staff to investigate allegations of abuse, neglect and financial exploitation throughout the state;

• Works with the Office of Special Investigations;

• Provides Adult Protective Services to vulnerable elderly and disabled adults.

DIVISION OF SENIOR AND DISABILITY SERVICES

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From FY98 to FY03, reports of financial exploitation in Missouri increased from 5.8% to 10%.

Between FY02 to FY04, an average of 95 reports per year came from financial institutions.

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Tends to be socially or physically isolated; Is not necessarily wealthy; Tends to be of advanced age; May be vulnerable due to cognitive,

physical or sensory impairments that can limit ability to make reasoned decisions;

May be dependent on the perpetrator.

VICTIM CHARACTERISTICS

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May suffer from more than one type of abuse or neglect;

May be reluctant to admit that his or her loved one is an abuser;

May be afraid to report abuse due to fear of further abuse, nursing home placement, or abandonment.

VICTIM CHARACTERISTICS

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Has close access to the victim; Tends to be a younger adult; Tends to be a relative, especially an adult

child; Tends to be male (over half of all

perpetrators are male).

PERPETRATOR CHARACTERISTICS

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1. Signature seems forged, unusual, or suspicious;

2. A set of “out-of-sync” check numbers;3. Allegations of “missing funds” from a

vulnerable adult’s account;4. A vulnerable adult fails to understand

recently completed transactions or repercussions of his or her actions;

TOP TEN TIPS FOR TELLERS:WARNING SIGNS OF FINANCIAL

EXPLOITATION

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5. Bank or credit card statements start being sent to an address other than the vulnerable adult’s home;

6. Unusual cash withdrawals from a checking account in a short period of time;

7. Abrupt increase in credit card activity or a sudden flurry of “bounced” checks;

TOP TEN TIPS FOR TELLERS:WARNING SIGNS OF FINANCIAL EXPLOITATION

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8. Vulnerable adult's account shows ATM activity even though he or she is physically unable to leave home;

9. Vulnerable adult is accompanied by a third party who encourages the withdrawal of a large sum of cash and may not allow vulnerable adult to speak;

10. Abrupt and unexplained change in a financial Power of Attorney; new names added to signature cards; new joint account.

TOP TEN TIPS FOR TELLERS:WARNING SIGNS OF FINANCIAL

EXPLOITATION

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1. HAVE A PROTOCOLEach financial institution should develop an internal process for screening and reporting suspected cases of exploitation. Such a protocol allows financial institutions to ensure a call to DHSS or law enforcement is appropriate. It also permits the financial institution to control the release of information.

WHAT FINANCIAL INSTITUTIONS CAN DO

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2. KNOW HOW TO RESPOND Learn the reason for unusually large

withdrawals; Carefully verify the authority of persons

requesting to act for the vulnerable adult; Try to separate the vulnerable adult from a

suspicious third party; Consult with designated managers or security; Notify security AT ONCE if the employee feels

the consumer is in ANY immediate danger.

WHAT FINANCIAL INSTITUTIONS CAN DO

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3. OFFER SAFER CHOICES TO VULNERABLE ADULTS

Suggest alternatives to large cash withdrawals;

Make people aware of ways to avoid joint accounts;

Set up “protected accounts” if specific risk is identified.

WHAT FINANCIAL INSTITUTIONS CAN DO

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4. REPORT If you suspect a vulnerable customer

is being exploited financially, call the DHSS toll-free hotline, 1-800-392-0210.

When appropriate, also call law enforcement;

Cooperate with investigations.

WHAT FINANCIAL INSTITUTIONS CAN DO

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Know how to recognize possible financial exploitation;

Develop an internal protocol to deal with possible exploitation;

Know how to handle on-the-spot situations; Know how to educate customers about the best

way to protect their accounts; Report possible exploitation to DHSS’ Elder

Abuse & Neglect Hotline; Cooperate with DHSS and law enforcement

during investigations.

IN SUMMARY--FINANCIAL INSTITUTIONS SHOULD:

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Valuable service for customers;Protection for older and disabled

adults and their funds;Confirmation of concern for

customers’ well being;It’s the right thing to do.

BENEFITS TO FINANCIAL INSTITUTIONS

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Preventing Financial Preventing Financial ExploitationExploitation

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Vulnerable Adults in MissouriVulnerable Adults in MissouriMissouri Department of Health and Senior Services (DHSS)

Division of Senior and Disability Services

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