New Law Helps Bankers Fight Exploitation of Vulnerable Adults
The Washington Department of Social and Health Services received 17,586 reports of vulnerable adult abuse in 2010. Twenty-six percent of those reports were about financial exploitation.
Because it is likely that many cases are unreported, many experts believe that the number of vulnerable adults suffering financial exploitation could actually be much higher.
In 2010, the Washington State Legislature amended the Vulnerable Adult Protection Act to give financial institutions new and better tools for preventing and reporting financial exploitation of “vulnerable adults.”
Under that law, a vulnerable adult is anyone over the age of 60 who is unable to care for himself either because of a physical condition or mental decline, over the age of 18 who has a developmental disability, lives in a residential care facility, or receives services from a caregiver or caregiving agency.
This article first appeared in Puget Sound Business Journal.