Elder Abuse Regulations: Reporting Burden or New Opportunities for Financial Services?

Published by: TowerGroup

Published: Sep. 24, 2007 - 8 Pages

Table of Contents

Report Coverage

The Elderly and Financial Exploitation

Exhibit 1 Categories of Elder Abuse Reported in the United States (2005)

Exhibit 2 Population over Age 60 in Select Countries (2000-50P)

Trends in Legislation and Regulation

Opportunity for Financial Services

Leveraging Technology

Summary

Abstract

Concerns about financial abuse against the elderly are spreading across the regulatory and legislative landscape on a global basis. Such concerns are well founded. With 10,000 people turning 60 every 24 hours in the United States alone, fraud threats to members of this population segment will increase because of the large proportion of investable assets they control. This TowerGroup ViewPoint advises financial services institutions to leverage their existing technologies and add to existing training programs to become a highly trusted resource to this important demographic segment of the market and thereby set themselves apart from the competition.

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