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Banks beef up training to allay financial abuse of seniors

Increased incidents of people taking advantage of seniors has prompted financial institutions to beef up employee training to thwart these incidents. Louisiana seniors and their families might take comfort knowing that more frontline staff in banks across the state and indeed, in the country, are getting additional training to stop the financial abuse of elders. About 90% of all banks train their staff, compared for just more than 70% two years ago.

Some institutions have even designated one or two employees to seniors in particular. These clients — who may be having problems — will now have someone to whom they can address questions. Now when banks believe seniors may be victims of fraud, they will make phone calls and meet with people in person. Banks are also offering seminars for seniors and community outreach programs since financial scams are harder to pull off when seniors are educated.

Many banks are also working with police Adult Protective Services. In fact, that measure has increased to over 80% from just over 60% a few years ago. They are also making sure seniors’ power of attorney documents are legitimate and, in some cases, ask seniors to use bank forms that an attorney can help them fill out.

Any Louisiana senior or his or her family member who believes any kind of abuse is taking place may wish to speak with an attorney on how best to address the alleged abuse. Seniors are among the most vulnerable sectors in society. Keeping them safe financially, physically and emotionally is paramount and a lawyer may be the best source of information on how to do that.   


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