LIMRA has launched a training program titled, Recognizing Financial Exploitation, to help train the financial services industry to help detect and deter fraud. The online, scenario-based education program, is a fast and easy way to help financial professionals comply with emerging legislation and regulations.
According to The United States Census Bureau, the U.S. population of the United States is rapidly becoming older. One of their latest projections: Twenty percent of the country’s population will be over the age of 65 by 2030. For the first time in the country’s history, older people are projected to outnumber children.
With this growing senior population, the country will face several challenges. One will be the potential increase of financial exploitation of its senior citizens, which currently costs the country nearly $3 billion annually, according to a MetLife Study.
The newly implemented Senior Safe Act, which President Trump signed into law on May 24, 2018, aims at protecting American seniors from financial exploitation. The law encourages financial services firms to provide “appropriate training to front-line employees and producers, while granting immunity to those that report suspected abuse to regulators and law enforcement authorities.” Recognizing Financial Exploitation will help train the financial services in ways to detect and deter fraud. The online, scenario-based, education program is a fast and easy way to help financial professionals comply with emerging legislation and regulations.
Identifying financial exploitation
What are some of the other ways advisors can use to identify financial exploitation among seniors? We identified three common things to remain alert for when you are working with a senior client:
For more information, visit www.limra.com.
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