Financial Institutions Combat Financial Abuse of Elders
by Anonymous

Financial Institutions Unite to Prevent Losses
And Respond to Financial Abuse of Elders

A consortium of 30 financial institutions throughout California has announced the production of Be Wise: Preventing Elder Financial Abuse, a video training program designed to prevent and respond to the financial exploitation of seniors. The program - including reference and training materials – will be released in January 2003.

This unprecedented effort to protect California elders is spearheaded by the California Community Partnership for the Prevention of Financial Abuse (CCPPFA) a non-profit organization which has produced the video that is designed to educate financial institution employees about the warning signs of financial abuse.

"Financial institution employees are in a unique position to have early, and often the only, knowledge of elder financial abuse. Banks can protect many senior customers from a devastating loss by reporting suspected abuse to Adult Protective Services and local law enforcement," said Kim Petrini, CEO/President of Novato Community Bank and President, CCPPFA, Board of Directors. "Early intervention results in loss prevention."
Training can also prevent losses for financial institutions. Financial abuse of the elderly is especially acute in California, with its large (and growing) elderly population. In 2001, nearly 1,000 cases of elder abuse were reported, totaling well over $2,000,000 in losses, with caretakers and "trusted" family members often the abusers, according to CCPPFA Board Member, Shirley Krohn of Spectrum Federal Credit Union, San Francisco.

According to AARP, telemarketing fraud and con artists are responsible for over $40 billion in losses to American seniors annually. Losses to seniors and financial institutions are potentially significantly higher since it is estimated that only 1 in 20 cases are actually reported and the money is rarely recovered.

According to CCPPFA Executive Director, Jenefer Duane, "CCPPFA is committed to the development of a statewide collaborative effort to bring the private sector together with the public to prevent elder financial abuse through education and community awareness." This includes projects like the soon to be released video.

The 24-minute video features an introduction by California State Attorney General Bill Lockyer, and includes a reference booklet to provide employees of financial institutions with the latest comprehensive information on warning signs of financial abuse and tips on how to effectively respond. It will also include a management training module and sample policies, reporting documents, legal reference material, and a listing of appropriate agencies to contact to report suspected abuse.

The script was developed with cooperation of the California State Adult Protective Services Task Force and the California Bankers Association. The program is endorsed by California State Attorney General Bill Lockyer, California Credit Union League, California Department of Corporations-Senior's Against Investment Fraud Program, California District Attorney's Association and the California State Sheriff's Association.
CCPPFA (Marin County) has supported community development initiatives and educational programs for more than 10 of the state's counties, including El Dorado, Napa, Sacramento, Sonoma, and Marin counties. Efforts are currently underway to expand partnership's programs to Contra Costa, San Francisco, Solano, and San Diego Counties.

For more information,415-897-9555 www.bewiseonline.org




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