Quiz for B2B: Elder Financial Exploitation

1. The safe harbors for SAR filings apply only to mandatory filings when the suspicious activity involves potential EFE.

2. June, an elderly accountholder, recently had a number of unusual transactions appear on her checking account statement. When an employee of the bank contacts June, she attempts to locate her debit card and is unable to do so, and June realizes that she has not seen her card since her nephew came to visit last week. The facts of June’s scenario suggest that June may be a victim of what type of EFE?

3. Fill in the blanks in the following sentences. Robert, a financially wealthy older accountholder, has recently had a number of small dollar fraudulent transactions post on his account. According to the guidance within this manual, compared to a less financially established individual in the same circumstances, Robert is ______ likely to notice or report these fraudulent transaction, and is ________ likely to have the claim addressed by law enforcement.

4. Which of the following is not a requirement for the safe guards offered under the Senior Safe Act to apply?

5. The applicable state law is only relevant to the bank’s reporting requirements if both the perpetrator and the victim of EFE are located within the state

6. Under the GLBA, even if the bank is acting to protect against or to prevent actual or potential fraud, the bank is not permitted to disclose non-public private information to the appropriate authorities if the bank is reporting an incident that results in an elderly accountholder’s funds being take without actual consent.

7. Select the answer which most closely resembles Sarah and Louise’s fiduciary relationship. Sarah has recently been asked by her elderly aunt, Louise, to help Louise maintain her finances. Sarah and Louise went to the bank where they discussed the following abilities for Sarah to act on Louise’s behalf. Sarah cannot complete any transactions in the account. Sarah cannot take out a loan, change any beneficiaries, or deposit a check on the behalf of Louise. Sarah is able to view Louise’s bank statements, and Louise’s bank is permitted to contact Sarah if there are suspicious looking transactions in Louise’s account.

8. Which of the following is not a common methodology for elder financial exploitation scams?

9. When an elderly individual is a victim of financial exploitation, what additional risk of harm, if any, may result from the initial exploitation?

10. When completing a SAR due to suspected EFE, the victim/elderly accountholder’s information should be listed in the subject part of the filing.