• Develop, implement and maintain internal protocols and procedures for protecting account holders from financial exploitation (FE);
• Train management and staff to prevent, detect and respond to FE;
• Detect FE by harnessing technology such as predictive analytics to detect possible FE;
• Report all cases of suspected exploitation to relevant federal, state and local authorities- including APS. : understand that the Gramm-Leach-Bliley Act is not a barrier to reporting suspected FE; understand the role of APS; expedite response to documentation requests of APS, law enforcement and other government entities investigating reports of FE;
• Protect older account holders: including offering “convenience accounts” in place of joint accounts so trusted family/friends can write bills on behalf of senior but not legally use money for their own purposes;
• Collaborate with other stakeholders, including APS and law enforcement: help educate older account olders, caregivers and the public, participate in local multidisciplinary initiatives
For more information on how to implement the recommendations, click here.