Pub. 9 2019-2020 Issue 4

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S — H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S January • February 2020 5 800-318-4142 • INSURANCE@BIA.INSURANC E • WWW.BIA.INSURANCE th ANNIVERSARY Proudly endorsed by the Texas, Oklahoma and Colorado Bankers Association Financial Institution Bond Directors and Officers Liability Policy Cyber Liability/Privacy Breach Response Commercial Property, Auto, Worker’s Compensation Lender Placed Insurance Mortgage E&O and Impairment Debit and Credit Card Fraud Insurance Coverage Review Group Health Insurance Insurance for Your Bank Commercial Customers Standing the test of time bringing our customers quality insurance. Celebrating Safe Banking for Seniors (SBFS) is a free national program, sponsored by the ABA Foundation that provides bankers with the tools and resources necessary to help older adults. The program consists of four turnkey modules with presentations, activity sheets, resource sheets, and guides to help bankers connect with their local communities and share the following: identifying and avoiding scams, preventing identity theft, choosing a financial caregiver, and acting as a responsible financial caregiver. AARP BankSafe developed a platform in 2018, which is an interactive, 60-minute course that employees can complete in one sitting or at their own pace as they choose among more than 25 education and training modules. The course includes interactive games, videos, real-life scenarios and state-specific resources. Colorado banks assisted in piloting the program last year. Protecting all of our customers — particularly those who are most vulnerable — is not only the right thing to do, but it’s also in your bank’s best interest. Researchers from the Virginia Tech Center for Gerontology recently studied the impact made by training frontline staff to spot and prevent financial exploitation. They found that employees were four times more confident in their ability to recognize, prevent and report suspected exploitation and on average, employees were 12 times more effective in protecting clients’ money. Signs of financial abuse against the elderly include the following: • Canceled checks or bank statements that go to the perpetrator’s home. • Large bank withdrawals or transfers between different accounts that can’t be explained. • Eviction notices, evidence of unpaid bills or utilities being discontinued due to nonpayment. • The perpetrator refers to the elder as their new “best friend.” • The elder person’s care is substandard even when they can pay for it. • There are ATMwithdrawals the elderly person could not have made or there are other unexplained withdrawals. • The elderly person is coerced to sign powers of attorney or other legal documents they didn’t understand. • The perpetrator shows an inordinate interest in how much money the victim is spending. • There are missing belongings or missing property. • There are forgeries on legal documents or checks. • Financial arrangements are sketchy and lack documentation. • The explanations about the elder’s finances, as explained by the perpetrator, are implausible. • The elderly person does not know or understand their own financial situation. Source: Nursing Home Abuse Center n