Dallas Morning News Quotes Edcomm on Training Banks on Compliance with Elder Financial Abuse Laws

5 April 2006

With elder financial abuse being the number one crime committed against persons age 65 and older, Dr. Linda Eagle, an expert on elder financial abuse and President of the New York-based Edcomm Group, wants to be sure banks know the top ten signs to be aware of to detect possible elder financial abuse.

Dr. Eagle was recently featured on the website for The Dallas Morning News in response to the growing problem. According to Dr. Eagle, "Just as doctors are often the first to spot the signs of physical abuse, front line bank personnel have the best perspective from which to spot elder financial abuse."

Elder financial abuse is defined as the illegal taking, misuse or concealment of funds, property, or assets of vulnerable elders, either without their consent or with consent obtained by trickery, intimidation, or force. Elder financial abuse can involve anything from a telemarketer's solicitation on behalf of a fake charity to a family member's misuse of power of attorney.

According to Dr. Eagle, the following are the top ten signs of elder financial abuse for bank employees to look out for:

1. Sudden changes in an elder's bank accounts or banking practices.

2. Uncharacteristic and unexplained withdrawals of large sums of money by an elder or someone with Power of Attorney for an elder.

3. Large credit card transactions or checks written to unusual recipients such as salesmen, telemarketers or "Cash."

4. Abrupt changes in a will or other financial document; transfer of an elder's assets to a family member or acquaintance without a reasonable explanation.

5. Complaints of stolen or misplaced credit cards, valuables, checkbooks or checks from social security, pensions and annuities.

6. Elders who appear nervous when accompanied by another individual or give far-fetched explanations of why they need money.

7. Elders who appear puzzled by increases in incurred debt or credit card transactions.

8. A person accompanying an elder who bullies him or her into making a withdrawal or does not allow the elder to speak for him or herself.

9. New signatories added to an elder's account or newly formed joint accounts between an elder and another individual.

10. Possible forged signatures on financial transactions, documents for transfer of assets or new applications for items such as credit cards.

The Dallas Morning News is published by Belo Corp., the oldest business institution in Texas. With a circulation of over 515,000, the paper has won six Pulitzer's and is widely regarded for its editorial excellence.

Dr. Eagle is frequently invited to speak on a range of topics including distance learning, adult education, compliance training, teller training, ethics training, technological advances in training and education, and business solutions. Linda's educational background in psychology and communications and her experience in organizational consulting give her unique insight into the practical application of training and communication programs that provide measurable benefits. She has provided consulting and training services to hundreds of organizations in a variety of industries. Published in many national publications including USA Today, as well as American Banker, Linda has also appeared on several local and national radio and television news programs.

The Edcomm Group is a 19-year-old multimedia education and communication consulting firm specializing in the development of creative business solutions that improve productivity, customer service and market share - providing bottom-line results. The Edcomm Group (www.edcomm.com)(www.bankersacademy.com) is headquartered in New York City with an Advanced Design Center located in Fort Washington, Pennsylvania.

For more information, please contact:

Linda Eagle

President, The Edcomm Group

1-888-4EDCOMM

linda.eagle@edcomm.com

Source: theopenpress

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