CUSO Magazine’s Post

Understanding how and when to freeze your credit is not merely a matter of financial prudence but it is also an extended reflection of our commitment to wise and faithful stewardship. https://lnkd.in/eMHp-z3V

Understanding how and when to freeze your credit is not merely a matter of financial prudence but it is also an extended reflection of our commitment to wise and faithful stewardship. https://lnkd.in/eBbtpq9E

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (#FinCEN) issued a Financial Trend Analysis today focusing on patterns and trends identified in Bank Secrecy Act (#BSA) data linked to Elder Financial Exploitation (#EFE), or the illegal or improper use of an older adult’s funds, property, or assets. #trend #trendanalysis #suspiciousactivity #financialexploitation

Understanding how and when to freeze your credit is not merely a matter of financial prudence but it is also an extended reflection of our commitment to wise and faithful stewardship. https://lnkd.in/eXxX5x5G

Understanding how and when to freeze your credit is not merely a matter of financial prudence but it is also an extended reflection of our commitment to wise and faithful stewardship. https://lnkd.in/euMyjhzZ

In today’s financial industry, the fight against financial crime looms large. Financial institutions are contending with a global $3.1 trillion financial crime problem, charged with safeguarding the integrity of the financial system in a landscape fraught with costs, complexities, and a lack of clear priorities.     Our new blog explores three key challenges that are essential for the industry to address in order to fight financial crime more effectively. Challenges, such as: ❌ Inefficient Processes & Technology  📏 Lack of Measures of Success  🔮 Preparing for the Future    ➡️ Read here: https://bit.ly/4dMhCtv

🏛️ Today, five federal agencies, including #FinCEN, released a statement with key practices for financial institutions to help combat elder financial exploitation. 📊 In 2023, over $27 billion in suspicious activity was linked to #elderfinancialabuse. Older adults face a serious risk of losing their life savings and security due to these crimes. Financial institutions have a vital role in detecting and preventing exploitation while supporting victims. 🎥 Check out our short informational video on how to combat financial elder abuse to learn practical steps you can take to make a difference: https://zurl.co/v2i2 ➡️ Read the CFPB's Press Release: https://zurl.co/lohT ➡️ Read the full statement: https://zurl.co/2KaQ #financialabuse #fraudprevention #fraud

When credit reports contain errors, it can cause unexpected financial setbacks. Here’s how to stay vigilant against credit report inaccuracies and protect your financial future.

#FinCEN released the Financial Trend Analysis on Elder Financial Exploitation (EFE). The document is well worth the read, even if you are someone who is not in the financial or financial crimes industry. It is important to remember the two key subcategories: elder theft - involves the theft of an older person's assets, funds, or income by a trusted person. elder scam - involves the transfer of money to a stranger or imposter for the promise benefit or good that the older adult did not receive. It's not common for parents to discuss their finances with their children as they grow up but the more we openly discuss finances and EFE situations with our parents, and older people in our lives, the more we're able to protect our loved ones from these bad actors. Including when the bad actor is the trusted family member.

At the heart of our approach is a commitment to caring for our clients, ensuring their well-being and satisfaction in every interaction. In having this approach, it's essential to address the possibility of diminished capacity, a topic that requires delicate consideration and proactive planning. Learn more about protecting your loved ones from financial fraud with diminished capacity here: https://lnkd.in/gjcwkrYd #diminishedcapacity #financialfraud #financialprotection #bentoakcapital #protectlovedones #boc #financialwellness