Complies with the New Federal Law Aimed to Protect Elderly Americans from Financial Fraud
WINDSOR, Conn., May 31, 2018 – LIMRA today announces its training program, Recognizing Financial ExploitationTM (RFE), complies with the training requirement within the Senior Safe Act, which President Trump signed into law as part of the Banking Reform package on May 24, 2018.
The new law helps to protect American seniors from financial exploitation by encouraging financial services companies to report of suspected fraud. The law calls on 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.”
Elder Abuse Touches 1 in 10
“Elder financial abuse is a growing concern in our nation, affecting 1 in 10 senior Americans and costing at least $3 billion annually1,” said Robert Kerzner, president and CEO, LIMRA, LOMA and LL Global. “RFE was designed as an industry-wide solution to help companies and financial professionals comply with the Senior Safe Act and FINRA’s Rule 2165. More importantly, our training will support our industry as it leads the efforts to detect those who seek to defraud our seniors.”
RFE, developed in collaboration with our members and other industry experts, is an effective, online scenario-based education program that provides front-line employees and financial representatives an overview of financial exploitation; helps them recognize red flags; and teaches them the steps they can take to help protect seniors and other vulnerable clients.
The curriculum can be customized to meet individual company requirements and will include state-specific resources and tools. Upon completion of the course, students will be able to:
- Define elder abuse and financial exploitation of seniors and vulnerable adults
- Identify the characteristics of senior clients that can make them more vulnerable to financial exploitation
- Describe common types and methods of financial exploitation
- Identify suspicious activities, transactions, and other red flags that may indicate potential financial exploitation using scenario-based exercises
“This is an important issue for the industry and our country. Protecting our seniors should be a priority for all of us,” said Kerzner. “We hope this program lessens the occurrence of the financial exploitation while helping our members comply with today’s regulations.”
For more information, please visit the Recognizing Financial Exploitation (RFE) page.
1AARP BankSafe Initiative 2016
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