B. Comm. / International AML Consultant and Investigations Trainer / Licensed Private Investigator / Researcher / Personal Security / RCMP (ret.)
Elder frauds appear to be more prevalent and the values of frauds are higher. This speaks to the question, should financial institutions be responsible for the actions of their customers? What can they do to help prevent elder frauds? What can society do to help? https://lnkd.in/gT5Tkbjk
Kristian M.
3mo
Being fortunate enough to work with care homes, it really exposes the lack of knowledge that most residents have on what a scam looks like, how they behave and what you should do (which really is nothing). Sometimes it’s as simple exposing people to the ugly truths of how convincing predators are. Types of scams, cases, stressing that expendiancy and scarcity are just tactics to evoke visceral emotion to gain trust. Had a really good discussion on COD scams (which are back on the rise) mainly in that people assume that method of payment assures you haven’t been scammed. But you never have the ability to check your package because the delivery driver is long gone. It’s dispicable that criminals go after our elders, maybe as heinous of a crime as the human slavery that surrounds pig butchering farms. We have to be more involved in taking time to show people things we know, how they work…. Just as they did for us when we were younger and vulnerable.
Anna Stylianou
3mo
In my humble opinion, financial institutions should be able to spot these scams and warn their customers - many banks are doing this nowadays. In case the customer is not warned, then yes, I can see some type of responsibility. But if the customer was warned and insisted in making the transfer, then I don't see any responsibility on the part of the financial institution.
Senior Business Leader |Financial Crime Compliance Advisory |Joint Ventures |Researcher |Public Speaker |Fellow Member of International Compliance Association |Lifetime Member of University of Law |Member-ASCO Greece
3moMaybe it's time for Financial Institutions to start investing in certain communication and training plans for their elder customers.