In the second episode of Season 11 of Compliance Clarified, Todd Ehret, senior regulatory intelligence expert, is joined by Jacob Denman for a wide-ranging discussion on the growing trend of elder financial exploitation.

Jacob Denman is with Thomson Reuters Risk and Fraud Solutions and Partnerships and Alliances. Prior to joining Thomson Reuters, Jacob worked in law enforcement and then for several large banks in their financial crimes and special investigations departments. Jacob is on the Board of Directors of the Minneapolis St. Paul chapter of the Association of Certified Fraud Examiners (ACFE). He is also a Certified Anti-Money Laundering Specialist with ACAMS.

In the past few weeks, the Financial Industry Regulatory Authority (FINRA), the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN), and the non-profit organization AARP (formerly known as the American Association of Retired Persons) have all issued crucial warnings and guidance on the pressing issue of elder financial crime.

Denman sheds light on the alarming surge in scams and frauds targeting the elderly. He attributes this rise to two key factors: the rapid advancements in technology and the isolation experienced by the elderly during the Coronavirus pandemic, which led to a shift in their financial management from in-person to technology-based methods.

For more information on the podcast and additional resources, see the links below.

Links:

FINRA Threat Guidance: www.finra.org/rules-guidance/key-topics/senior-investors/tip-protecting-vulnerable-adult-senior-investors

FinCEN Elder Financial Exploitation Alert: www.fincen.gov/news/news-releases/fincen-issues-analysis-elder-financial-exploitation

Thomson Reuters Special Report on the soaring number of SARs filings: www.thomsonreuters.com/en-us/posts/wp-content/uploads/sites/20/2023/06/Suspicious-Activity-Reports-2023.pdf

AARP Report: https://press.aarp.org/2024-05-08-AARP-Report-Elevated-Risks-of-Fraud-Are-Pervasive-in-America

Todd Ehret LinkedIn: linkedin.com/in/todd-ehret-91827264/
Jacob Denman LinkedIn: linkedin.com/in/jacob-denman/

Thomson Reuters Regulatory Intelligence content: regintel-content.thomsonreuters.com/


Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.