You are to assume the role of a member of the fraud prevention team at Journey Bank. The vice president of the bank wants you to recommend controls the bank can put in place to reduce elder fraud and precautions the elderly can take to avoid scams and fraud.
There has recently been a significant increase in elder fraud scams. The FBI defines elder fraud as “financial fraud that targets an individual over the age of 60 years old.” On average a victim loses over $18,000. Journey Bank executives are looking for ways to tackle this problem. The vice president has asked you to come up with ideas to help the bank catch the fraud before it occurs and prepare a presentation to educate the elderly and their families. You will prepare your presentation and meet with the vice president to go over it. The presentation must include:
- Controls that the bank can put into place to help reduce elder fraud
- Precautions that the elderly and their families can take to avoid elder fraud
