Independent Banker - June 2021 - 20

PORTFOLIO
◎FOCUS FRAUD
Stop elder financial
abuse with data
Elder financial abuse has been on the rise for the past decade, but
so has data analytics technology, which banks can use to fight this
fraud. Experts share strategies for community banks to protect their
customers from identity fraud. By Jen A. Miller
lder financial abuse is a growing
problem for America's seniors.
Older Americans lose roughly $3 billion
to a growing number of scams each
year, according to the United States
Senate Special Committee on Aging-
but that figure only comes from
reported cases. The true number,
experts believe, is much higher.
" It's probably one of the most
underreported crimes in the country, "
says David Lenoir, president and CEO
of CRA Partners' Senior Housing Crime
Prevention Foundation in Memphis,
Tenn. He adds that this may be because
family members are the perpetrators
more often than not. For example, a
2014 survey from the state of Oregon
found that family members were
behind 47% of elder financial abuse
cases. " While the numbers we have are
large and significant, it's probably just a
fraction of the reality, " he adds.
And cases are growing. According
to the Consumer Financial Protection
Bureau, the monthly filing of suspicious
activity reports (SARs) related to elder
financial abuse increased fourfold
between 2013 and 2017, from an
average of 1,300 per month to 5,300
per month.
Data analytics is one tool that
community banks can use to fight this
problem. It can automatically identify
suspicious activity on seniors' accounts
and prevent fraudulent accounts being
opened in their names.
Spotting elder financial abuse
Just as credit card companies can use
analytics to spot strange spending
patterns and alert consumers that their
card may be compromised, community
banks can use the same kind of
analytics to identify troubling patterns
in seniors' accounts.
" We help clients look at their data and
develop scenarios that could flag fraud, "
says Vikas Agarwal, a PwC financial
crimes unit leader based in New York
E
20 Q ICBA Independent Banker Q June 2021
Photo by Westend61/Getty Images

Independent Banker - June 2021

Table of Contents for the Digital Edition of Independent Banker - June 2021

Table of Contents
Independent Banker - June 2021 - Intro
Independent Banker - June 2021 - Cover1
Independent Banker - June 2021 - Cover2
Independent Banker - June 2021 - Table of Contents
Independent Banker - June 2021 - 2
Independent Banker - June 2021 - 3
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Independent Banker - June 2021 - Cover3
Independent Banker - June 2021 - Cover4
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