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Financial Exploitation of Vulnerable Adults

Capital One - McLean, Virginia

2020 Community Commitment Awards Submission

  • Entry Category: Protecting Older Americans
  • Asset Size: Large

Financial institutions have federal regulations in place that call for Financial Institutions to identify and reportsuspected instances of Financial Exploitation of Vulnerable Adults (FEVA). At Capital One, reporting suspected financial exploitation has always been a part of our operations, think: see something, say something. But in 2019, Capital One took a more declarative stance - one that we hoped would shift the paradigm to focus on becoming more proactive, industry-wide. Says Darrin McLaughlin, Sr. Director in AML,“We wanted to proactively detect signs of financial abuse happening in our elder and vulnerable adult population. That meant looking at transactions, rules that monitor suspicious activity, customer and account signer behaviors, and putting together better training to look for red flags in our day-to-day interactions with our customers."