Bank Personnel at the Front Line of Elder Abuse Detection

Older individuals are susceptible to financial abuse due to either declining cognitive abilities or out of heightened financial need. Some scams take advantage of the elderly that are on a limited budget and need additional income, by promising to be a money making opportunity. Others take advantage by furthering the fraudulent scheme through a form that looks like an official bill.

At the front lines of of defending against financial elder abuse are bank tellers. A warning sign can be the account being overdrawn and the bank employee can alert the individual that someone is taking advantage of the account.  Tellers can also be the first to notice declining cognitive ability and inability to understand their finances, and can then inform the person of help available to them or contact an appropriate resource for them. With proper training, bank personal can act as an important protection for the elderly against financial abuse.

See Erin Rhoda, The Frontlines of Elder Exploitation, Bangor Daily News, Apr. 2015.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.