Compliance Update with Amy K
by Amy Kleinschmit
Chief Compliance Officer

Preventing Elder Fraud

The Consumer Financial Protection Bureau (CFPB) recently released an online resource to help communities form networks to increase their capacity to prevent and respond to elder financial abuse. The Elder Fraud Prevention and Response Networks Development Guide (Networks Development Guide) offers planning tools, templates, and exercises to help communities create a collaborative network to fight elder fraud or refresh or expand an existing network. These resources can be found here.

The Networks Development Guide is an online tool that includes a meeting model on how to set up a retreat and training event to rally stakeholders and community leaders. Retreats planned over this summer, for instance, could happen as early as the fall, and the planning can be implemented remotely via teleconference, supporting engagement in rural communities and in consideration of the need for social distancing. The guide also provides resources for reconvening after the retreat to help community leaders take further action to expand network capabilities.

The CFPB will be offering presentations and webinars in the coming weeks to walk stakeholders through the Networks Development Guide and provide tips on how to use it.

Other Resources

There is also a wealth of resources available at These resources range from preventing fraud to aging & managing finances.

Find resources to educate on investment scams from the SEC here - including protecting social media accounts and red flags of investment fraud checklist.

The Department of Justice has an interactive tool for elders who have been financially exploited to help determine to which agency they should report their incident, and also a senior scam alert website. The senior scam alert website has information to warn and educate the public about trending elder fraud threats. This is good information to help educate members about the potential scams that are occurring.

Protecting older adults from fraud and financial exploitation -  Find FREE guides and informational material, including: Money Smart for Older Adults resource guide; consumer advisories on preventing fraud; and placemats that can be printed which include tips to avoid common financial scams.



The Department of Justice, Office for Victims of Crime (OVC), created a free hotline for people to report fraud against anyone age 60 or older.

The OVC explains the hotline is staffed by professionals who know how to support victims of
fraud. Callers will reach a case manager who will help them through the reporting process at the federal, state, and local levels. Callers may also be connected with other resources on a case-by-case basis

Fraud and romance scams aimed at older adults resulted in losses of more than $184 million in 2018. Many crimes go unreported because victims are scared, embarrassed, or don’t know who to call. That’s why DOJ created the hotline. 

The Hotline’s toll-free number is 833-FRAUD-11 (833-372-8311)


Training for Staff  

FREE training is available from AARP’s BankSafe training which combines industry knowledge and experience with a state-of-the-art, online learning experience. AARP worked with more than 2,000 financial industry professionals to develop the training platform’s content and interactive scenarios. The platform is one of few designed specifically for frontline staff, supervisors and compliance officers. Find the platform here.

After training there are also a number of tools and support resources; AARP BankSafe updates and maintains a network of tip sheets, reference materials, and state-specific resources.

Two that caught my attention are the financial institution self-audit checklist and the trusted contact form. The “trusted contact form” is completed by the account holder and designates an individual to be their trusted contact in specified situations.

As always, CUAD members may contact Amy Kleinschmit with any compliance related questions.


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