Financial Institutions Now Have An Obligation To Stop Elder Abuse
Every year on average a staggering $2.9 billion is taken from elders in financial abuse scams! In fact, many believe the economic toll may be much higher as cases are often never reported or perhaps never even known. The number of people affected is enormous. At least 5% of seniors in America will suffer from some type of financial manipulation. These numbers are out of control, and they are only projected to grow – 5% of the nation’s 76 million baby boomers is a huge number of people and even larger when you consider the family members and loved ones collaterally damaged
The Financial Industry Regulatory Authority, Inc. (FINRA) is addressing Elder abuse head on. FINRA was formerly known as the NASD (National Association of Securities Dealers) and is the private corporation that self- regulates the nation’s stock markets and constituent brokers and dealers. When FINRA moves in a certain direction, things and people change – in a big way.
In a recent initiative, FINRA has asked member financial institutions to increase their level of security and financial care for elders. This is a significant and praise-worthy move. FINRA is placing responsibility on financial institutions to monitor elders’ finances a little more closely, taking notice of certain “red flag” instances, such as a change in power of attorney, liquidating assets, out-of-order checks, unusual spending, and large withdrawals of cash from accounts. FINRA is also asking these financial institutions to gather contact information for a trusted family member or friend of the elder in order to alert them of suspicious activity.
We are hopeful that these types of regulations will significantly reduce instances of elder abuse. It is important for everyone to be on the same page when it comes to this horrible and frequent crime, and FINRA’s efforts are huge.
If you or a loved one has experienced any financial elder abuse in Contra Costa County or in any California county, contact the Evans Law Firm elder attorneys at (415) 441-8669, or by email at firstname.lastname@example.org.