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Mike Krebs, Dan Hartman, and Nick Stabile Write Article on How Banks Can Battle Elder Financial Abuse in Law360
Print PDFMike Krebs, a partner and chair of Nutter’s Banking and Financial Services group, Dan Hartman, of counsel in the Banking and Financial Services group, and Nick Stabile, a partner in the Private Client Department, penned an article on risk management practices for depository institutions that can be effective in identifying, preventing, and responding to elder financial exploitation in Law360. In the article, “2 Practical Ways For Banks To Battle Elder Financial Abuse,” the authors discussed how encouraging older account holders to establish trusted contacts, when paired with complementary account terms and conditions, will permit a depository institution to pump the brakes if a trusted contact has not been specified, cannot be contacted, or cannot confirm to the depository institution that a proposed payment or funds transfer evidently is for a legitimate purpose. Second, the authors examined how encouraging collective action by the depository industry to timely share warnings about the latest scams with their customers and to sponsor engaging public service announcements across various media platforms can promote customer awareness of online financial scams.
These strategies are relatively inexpensive and have the potential to positively alter the trajectory of online elder financial exploitation. The authors caution that to meaningfully reduce the incidence of online elder financial exploitation, the industry will require continuous monitoring for new threats to older adults and a nimbleness and readiness to counter them.
