Preventing Financial Exploitation of Vulnerable Adults in Missouri

1. Preventing Financial Exploitation of Vulnerable Adults in Missouri Missouri Department of Health and Senior Services (DHSS) Division of Senior and Disability Services Next

2. WHAT IS MOSAFE? • Missourians • Stopping • Adult • Financial • Exploitation Back Next

3. MOSAFE PARTNERS • AARP; • Missouri Alliance of Area Agencies on Aging; • Missouri Association of Public Administrators; • Missouri Bankers Association; • Missouri Credit Union Association; • Missouri Independent Bankers Association; • Missouri Police Chiefs Association; • Missouri Sheriffs’ Association; • Office of the Attorney General; • Office of the Lieutenant Governor; and many others Back Next

4. GOALS OF MOSAFE • Stop attempted or ongoing financial exploitation before a vulnerable adult’s funds are exhausted; • Train employees of financial institutions on how to detect and report financial exploitation; • Educate consumers, financial institutions and the general public that financial exploitation is a crime in an effort to prevent it. Back Next

5. WHAT IS FINANCIAL EXPLOITATION? The illegal use of a vulnerable adult’s resources for another person’s gain or profit. Back Next

6. VULNERABLE ADULT A vulnerable adult is at least 60 years old, or disabled and between 18 and 59. Vulnerable adults often lack the physical or mental capacity to provide for their daily needs. This makes them prime targets for predators who want to exploit them. Back Next

7. DIVISION OF SENIOR AND DISABILITY SERVICES • Maintains an Elder Abuse and Neglect Hotline; • Has staff to investigate allegations of abuse, neglect and financial exploitation throughout the state; • Works with the Office of Special Investigations; • Provides Adult Protective Services to vulnerable elderly and disabled adults. Back Next

8. From FY98 to FY03, reports of financial exploitation in Missouri increased from 5.8% to 10%. • Between FY02 to FY04, an average of 95 reports per year came from financial institutions. Back Next

9. VICTIM CHARACTERISTICS • Tends to be socially or physically isolated; • Is not necessarily wealthy; • Tends to be of advanced age; • May be vulnerable due to cognitive, physical or sensory impairments that can limit ability to make reasoned decisions; • May be dependent on the perpetrator. Back Next

10. VICTIM CHARACTERISTICS • May suffer from more than one type of abuse or neglect; • May be reluctant to admit that his or her loved one is an abuser; • May be afraid to report abuse due to fear of further abuse, nursing home placement, or abandonment. Back Next

11. PERPETRATOR CHARACTERISTICS • Has close access to the victim; • Tends to be a younger adult; • Tends to be a relative, especially an adult child; • Tends to be male (over half of all perpetrators are male). Back Next

12. TOP TEN TIPS FOR TELLERS: WARNING SIGNS OF FINANCIAL EXPLOITATION • Signature seems forged, unusual, or suspicious; • A set of “out-of-sync” check numbers; • Allegations of “missing funds” from a vulnerable adult’s account; • A vulnerable adult fails to understand recently completed transactions or repercussions of his or her actions; Back Next

13. TOP TEN TIPS FOR TELLERS: WARNING SIGNS OF FINANCIAL EXPLOITATION • Bank or credit card statements start being sent to an address other than the vulnerable adult’s home; • Unusual cash withdrawals from a checking account in a short period of time; • Abrupt increase in credit card activity or a sudden flurry of “bounced” checks; Back Next

14. TOP TEN TIPS FOR TELLERS: WARNING SIGNS OF FINANCIAL EXPLOITATION • Vulnerable adult's account shows ATM activity even though he or she is physically unable to leave home; • Vulnerable adult is accompanied by a third party who encourages the withdrawal of a large sum of cash and may not allow vulnerable adult to speak; • Abrupt and unexplained change in a financial Power of Attorney; new names added to signature cards; new joint account. Back Next

15. WHAT FINANCIAL INSTITUTIONS CAN DO • HAVE A PROTOCOL Each financial institution should develop an internal process for screening and reporting suspected cases of exploitation. Such a protocol allows financial institutions to ensure a call to DHSS or law enforcement is appropriate. It also permits the financial institution to control the release of information. Back Next

16. WHAT FINANCIAL INSTITUTIONS CAN DO • KNOW HOW TO RESPOND • Learn the reason for unusually large withdrawals; • Carefully verify the authority of persons requesting to act for the vulnerable adult; • Try to separate the vulnerable adult from a suspicious third party; • Consult with designated managers or security; • Notify security AT ONCE if the employee feels the consumer is in ANY immediate danger. Back Next

17. WHAT FINANCIAL INSTITUTIONS CAN DO • OFFER SAFER CHOICES TO VULNERABLE ADULTS • Suggest alternatives to large cash withdrawals; • Make people aware of ways to avoid joint accounts; • Set up “protected accounts” if specific risk is identified. Back Next

18. WHAT FINANCIAL INSTITUTIONS CAN DO • REPORT • If you suspect a vulnerable customer is being exploited financially, call the DHSS toll-free hotline, 1-800-392-0210. • When appropriate, also call law enforcement; • Cooperate with investigations. Back Next

19. IN SUMMARY--FINANCIAL INSTITUTIONS SHOULD: • Know how to recognize possible financial exploitation; • Develop an internal protocol to deal with possible exploitation; • Know how to handle on-the-spot situations; • Know how to educate customers about the best way to protect their accounts; • Report possible exploitation to DHSS’ Elder Abuse & Neglect Hotline; • Cooperate with DHSS and law enforcement during investigations. Back Next

20. BENEFITS TO FINANCIAL INSTITUTIONS • Valuable service for customers; • Protection for older and disabled adults and their funds; • Confirmation of concern for customers’ well being; • It’s the right thing to do. Back Next

21. Preventing Financial Exploitation of Vulnerable Adults in Missouri Missouri Department of Health and Senior Services (DHSS) Division of Senior and Disability Services Back