Financial Exploitation Awareness Training (USA)

 FINANCE: F.E.A.T. focuses on preventing elder abuse
Statistics from the U.S. Census indicate that the population of older Americans (65 years and over) is expected to at least double from 2000 to more than 72 million by 2030.
By: Rick Clayburgh, Prairie Business Magazine
June 01, 2012

Statistics from the U.S. Census indicate that the population of older Americans (65 years and over) is expected to at least double from 2000 to more than 72 million by 2030. Something you may not know is that North Dakota has the highest proportion of elderly — 85 and over — in the nation. Elder financial exploitation is growing and becoming a significant problem affecting thousands of North Dakotans. It is being called the “crime of the 21st century.” It is the least understood of all crimes and has been called the silent crime because 90 percent of elder abuse is perpetrated by family members. There is a great amount of embarrassment and shame with this crime because losing control of personal finances can be devastating.
The North Dakota Bankers Association listened to the concerns of its member banks and partnered with Guardian Protective Services to develop a free training program to give bank employees the necessary tools to recognize elder fraud and exploitation. The program is called Financial Exploitation Awareness Training. Bank frontline employees are in a unique position to most likely be the first to witness a financial crime being committed. Education is the best weapon against elderly financial abuse. We see F.E.A.T. as a proactive approach to help prevent fraud. Employees also learn how to report a suspicious activity without breaching the rules regarding their duty of confidentiality.
Along with training bank employees, NDBA and Guardian Protective Services have also been holding one-hour seminars for seniors. Banks across North Dakota are hosting the events. Julie Dolbec, NDBA, and Judy Vetter, Guardian Protective Services, interact with the participants and show them how to take steps to protect themselves and not fall victim to elder abuse. During the seminars, one of the most important lessons seniors learn is that they are not alone. It is amazing to listen as seniors begin to share specific scams they have experienced and talk about how they are trying to protect themselves. The prevailing theme of the seminar is “trust your banker.” It is rewarding to visit with and reassure them that their banker is always there to help them.
The response to the F.E.A.T. program has been incredible. On-site training began in fall 2011 and more than 1,200 bank employees have received the training and more than 1,000 seniors have attended a bank-sponsored seminar. Each seminar reaffirms the importance of building awareness to the rapid growth of fraud and financial crime.
The mission of the NDBA is to provide “extraordinary leadership for North Dakota banks.” We hope that bringing awareness to our banks about this silent crime and providing helpful tools, that together we can make a difference. People need to know they are not alone and that there is help. PB

 SOURCE:       The Prairie Business
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