Press Releases

FOR IMMEDIATE RELEASE
Elise Brooks, (202) 589-2427

Financial Institutions Protect Elderly and Vulnerable from Financial Exploitation

 

Washington, D.C.—March 31, 2010—BITS, the technology policy division of the Financial Services Roundtable, supports the Adult Protective Services provision in the health care reform law. The provision provides the first-ever funding for state and local Adult Protective Services (APS) Programs.  APS receives and investigates reports of vulnerable adult abuse and arranges financial assistance, in-home care, and medical and social services as needed. The allotted funding will provide an estimated 1,700 protective service investigators throughout the country.

BITS and its financial institution members are leading efforts to safeguard elderly and vulnerable customers from financial exploitation and applaud dedicated funding for APS programs that respond to and investigate reports of abuse, neglect and exploitation of the elderly and adults with disabilities.

BITS recently released “Protecting the Elderly and Vulnerable from Financial Fraud and Exploitation,” to financial institutions to educate their employees on the frontline to detect and prevent this type of fraud. The paper identifies common fraud schemes such as a fictitious relative scams; red flags such as unexplained transfers of assets; as well as ways to mitigate financial fraud and organizations with additional resources.

“Our companies are working hard to combat financial fraud directed at elderly and vulnerable customers and we are thrilled at legislation that helps our partners in this effort to broaden their impact and critical services,” said BITS President Leigh Williams. “We commend Senator Hatch for his leadership in this important area.”

To read the paper, please visit: http://www.bits.org/p_publications.html#FR

BITS is the technology policy division of The Financial Services Roundtable, created to foster the growth and development of electronic financial services and e-commerce for the benefit of financial institutions and their customers. BITS focuses on strategic issues where industry cooperation serves the public good, such as critical infrastructure protection, fraud prevention, and the safety of financial services by leveraging intellectual capital to address emerging issues at the intersection of financial services, operations and technology. BITS’ efforts involve representatives from throughout our member institutions, including CEOs, CIOs, CISOs, and fraud, compliance and vendor management specialists.  For more information, go to http://www.bits.org/.

The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer.  Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.

Roundtable member companies provide fuel for America's economic engine, accounting directly for $74.7 trillion in managed assets, $1.1 trillion in revenue, and 2.3 million jobs.