A California nonprofit is asking state banks to pitch in to make a video teaching tellers how to spot financial abuse of the elderly.
The California Community Partnership for the Prevention of Financial Abuse has raised $25,000 from banks to produce a video that will teach tellers how to detect when someone is attempting to defraud an elderly customer. The group says that once it raises another $10,000, it will produce the video and distribute it to the banks that have contributed.
The video will outline the ways elderly bank customers are victimized, often by relatives, friends, or caregivers, said Jenefer Duane, the groups executive director.
Bank employees will learn how to spot red flags, such as changes in normal banking transactions, strangers accompanying customers to the bank and controlling or influencing transactions, customers appearing nervous or frightened of the person accompanying them, or even new names on accounts, she said.
Kimberly Petrini, the groups president and the president and chief executive officer of the $60 million-asset Novato Community Bank, said banks have an obligation to try to prevent financial abuse of the elderly. Banks are in an unique position, because were the gatekeepers of the income and wealth of the elderly besides, its our fiduciary responsibility.
Bankers also have a personal stake in instituting training programs, she said Whos going to be there when were seniors?
Regulators are giving banks Community Reinvestment Act credits for contributing to the effort, Ms. Petrini said.
In addition to the $10,000 to complete the video, the group is seeking donations from banks to produce collateral training materials to be distributed with the video, as well as lobby brochures and statement inserts to let customers know that their bank is watching for potential elderly abuse.
The group also hopes to launch a campaign of newspaper, radio, and television advertisements in Californias major metropolitan areas to alert elderly people about the risk of financial abuse.
