How can financial institutions assist APS in preventing elder financial abuse?

Financial institutions play a crucial role in preventing elder financial abuse through proactive measures, particularly in monitoring transactions and providing training for staff. Monitoring transactions involves keeping an eye on account activity for any patterns or irregularities that may suggest financial exploitation or abuse, such as sudden large withdrawals or transfers that don't fit the client's typical behavior.

In addition to this, training staff equips them with the knowledge to recognize the signs of potential abuse and the necessary protocols to follow when they suspect that an elderly client might be a victim. This training can help create a workforce that is not only aware of the dangers of elder abuse but is also prepared to take appropriate actions, such as reporting to the appropriate authorities or contacting Adult Protective Services (APS) for further investigation.

This dual approach—monitoring transactions and training staff—establishes a supportive framework for identifying and addressing elder financial abuse before it escalates, thereby directly assisting APS in its mission to protect vulnerable adults from financial exploitation.