East West Bancorp, Inc. · NASDAQ:EWBC
East West Bancorp — Investor Presentation (June 2016)
73 slides from East West Bancorp's investor presentation, June 2016
Slide 1: Money Smart for Older Adults: Prevent Financial Exploitation
ts Money Smart ‘for Older Adults Prevent Financial Exploitation
Slide 2: Welcome
Welcome 1. Agenda 2. Introductions Money Smart for Older Adults 2
Slide 3: Objectives
Objectives • Recognize and reduce the risk of elder financial exploitation • Guard against identity theft • Plan for unexpected loss of the ability to manage your finances Money Smart for Older Adults 3
Slide 4: Objectives (cont.)
Objectives (cont.) • Prepare financially for disasters • Find other helpful resources on managing money and reporting financial exploitation Money Smart for Older Adults 4
Slide 5: What Do You Know?
What Do You Know? What is elder financial exploitation and who is at risk? Money Smart for Older Adults 5
Slide 6: What is elder financial exploitation?
What is elder financial exploitation? Elder financial exploitation is the theft of money, property or belongings. Money Smart for Older Adults 6
Slide 7: Who is at risk?
Who is at risk? Anyone can be the victim of financial exploitation. Elder financial exploitation crosses all social, educational, and economic boundaries. Money Smart for Older Adults 7
Slide 8: Why are older adults at risk?
Why are older adults at risk? Older adults may: • Have regular income and accumulated assets • Be trusting and polite • Be lonely and socially isolated • Be vulnerable due to grief from the loss of a spouse, family member, friend, or pet Money Smart for Older Adults 8
Slide 9: Why are older adults at risk?
Why are older adults at risk? Older adults may: • Be unfamiliar with managing financial matters • Be unprepared for retirement and the potential loss of financial decision-making capacity • Have cognitive impairments • Be receiving care from a person with substance abuse, gambling or financial probl
Slide 10: Examples of Financial Exploitation
Examples of Financial Exploitation • Financial power of attorney (POA) or fiduciary abuse • Theft of money or property by caregivers and in-home helpers • Investment fraud • Lottery and sweepstakes scams Money Smart for Older Adults 10
Slide 11: Examples of Financial Exploitation (cont.)
Examples of Financial Exploitation (cont.) • Telephone scams • Computer/Internet scams • Identity theft • Reverse mortgage proceeds fraud • Contractor fraud and home improvement scams Money Smart for Older Adults 11
Slide 12: Who Could Be an Abuser?
Who Could Be an Abuser? • Family members and caregivers • Friends, neighbors or acquaintances • Telephone and mail scams • Financial advisers • Internet scams • Home repair contractors • Medicare scam operators • Others Money Smart for Older Adults 12
Slide 13: Why Don't Older Adults Report Exploitation?
Why Don’t Older Adults Report Exploitation? • Shame and embarrassment • Loyalty to a family member or caregiver • Fear of retaliation or not being believed • Dependence on the abuser • Denial • Self-blame • Lack of awareness Money Smart for Older Adults 13
Slide 14: Who Can Help?
Who Can Help? Adult Protective Services Find contact information at www.eldercare.gov or call 1-800-677-1116 Federal Trade Commission (FTC) For cases of identity theft, contact the FTC at www.ftc.gov/idtheft or call 1-877-IDTHEFT (438-4338) Money Smart for Older Adults 14
Slide 15: Who Can Help (cont.)
Who Can Help (cont.) Federal Deposit Insurance Corporation For concerns about an FDIC-supervised financial institution, complete a customer assistance form at: www2.fdic.gov/starsmail/index.asp Or call: 1-877-ASK-FDIC Police Call 911 if the situation is threatening or the person is in danger. If you
Slide 16: What is a Power of Attorney?
What is a Power of Attorney? A legal document that allows someone else to handle your finances on your behalf • Appoints a substitute decision-maker if you are unable to act on your own • Avoids the need for a court-appointed guardian • Is relatively inexpensive; using a lawyer is advisable Money Sm
Slide 17: Power of Attorney: Risks
Power of Attorney: Risks • Pressure to grant more authority than you wish • Misuse of your funds • Unauthorized actions – gifts, changes to beneficiaries Money Smart for Older Adults 17
Slide 18: Power of Attorney
Power of Attorney: • Durable – remains effective even if maker becomes physically or mentally incapacitated • Talk to an attorney for help in making a POA that is appropriate for your circumstances Money Smart for Older Adults 18
Slide 19: Power of Attorney: Safeguards
Power of Attorney: Safeguards • Trust but verify. • Avoid appointing anyone with substance abuse, gambling, or who mismanages money. • Tell others about your POA. • If needed, change, cancel, or revoke the POA. • Avoid appointing hired caregivers/helpers. • Beware of new “best friends” who offer to
Slide 20: Tip: Plan Ahead!
Tip: Plan Ahead! A durable power of attorney is a very important tool in planning for financial incapacity due to Alzheimer’s disease, another form of dementia, or other health problems. Money Smart for Older Adults 20
Slide 21: Power of Attorney: If You Are a Victim
Power of Attorney: If You Are a Victim Report financial exploitation immediately to Adult Protective Services or your local law enforcement agency. Money Smart for Older Adults 21
Slide 22: Abuse by Caregivers and In-Home Helpers
Abuse by Caregivers and In-Home Helpers Family members and caregivers are common perpetrators of elder financial exploitation. Money Smart for Older Adults 22
Slide 23: Caregiver: Safeguards
Caregiver: Safeguards • Secure your valuables, such as jewelry • Secure private financial documents (checks, financial statements, credit cards, etc.) • Require receipts for purchases • Monitor bank accounts and telephone bills • Consider setting up: ̶ Automatic bill pay systems ̶ Transaction alerts
Slide 24: Caregiver: Safeguards (cont.)
Caregiver: Safeguards (cont.) • Do not let hired caregivers/helpers open your mail, pay your bills, manage your finances. • Never promise money or assets after you die in exchange for care now. • Never lend money or personal property. • Don’t put persons other than your spouse/life-partner on the ti
Slide 25: Investments: Fraud and Abuse
Investments: Fraud and Abuse • Misleading senior certifications/designations • Ponzi schemes • Promissory notes • Unscrupulous financial advisers • Affinity fraud • Internet fraud – the “Dot-Con” • Inappropriate or fraudulent annuities Money Smart for Older Adults 25
Slide 26: Investments: Safeguards
Investments: Safeguards • Check out the financial adviser. • Don’t base your trust on appearances or the sound of a voice. • Take time to understand your choices. • Say “no” to pressure. Money Smart for Older Adults 26
Slide 27: Investments: Safeguards (cont.)
Investments: Safeguards (cont.) • Be wary of salespeople who prey on fears or promise returns that seem “too good to be true.” • Ask for a written explanation. • Shop around and get a second opinion. • Say “no” to financial advisers who tell you to leave everything in their care. Money Smart for Old
Slide 28: Investment: Safeguards (cont.)
Investment: Safeguards (cont.) • Stay in charge of your money or enlist a trusted third party. • Make checks payable to a company or financial institution, never an individual. • Retain and maintain account statements and confirmations. • Document all conversations with financial advisers. Money Sma
Slide 29: Investments: When Problems Occur
Investments: When Problems Occur • Take immediate action if you detect a problem. • Don’t let embarrassment or fear stop you from reporting exploitation or fraud. Timing is critical. Money Smart for Older Adults 29
Slide 30: Investments: Pointers
Investments: Pointers • Have at least six-months living expenses readily available before you invest. • Understand your investment. Attend classes, seminars, or check business references in the library. • Be aware that some “free seminars” are marketing techniques. • Understand the risks. • Make sur
Slide 31: Understanding FDIC Insurance
Understanding FDIC Insurance What It Covers What It Does Not Cover Checking Accounts Stocks or Bonds Savings Accounts Mutual Fund Shares Money Market Deposit Life Insurance Policies Accounts (MMDAs) Certificates of Deposit Annuities IRA Deposit Accounts Municipal Securities Money Smart for Older Adu
Slide 32: Understanding FDIC Insurance (cont.)
Understanding FDIC Insurance (cont.) • Coverage – generally $250,000 per person per category • Categories For precise information: ̶ Single accounts • visit www.myfdicinsurance.gov, ̶ Joint accounts • call toll-free 1-877-ASK-FDIC, or ̶ Revocable trust accounts • ask your banker. ̶ Certain retiremen
Slide 33: Lottery and Sweepstakes Scams
Lottery and Sweepstakes Scams “You have won…” • Telephone calls, emails, or letters regarding lotteries, drawings, or sweepstakes • Requests for upfront processing fees or taxes • Authentic looking claims checks • Sweepstakes recovery calls Money Smart for Older Adults 33
Slide 34: Telephone Scams
Telephone Scams “Hello, Grandpa. I’m in trouble. Please don’t tell Mom.” Money Smart for Older Adults 34
Slide 35: Tips for Avoiding Telephone Scams
Tips for Avoiding Telephone Scams • Never “pay to play.” • You cannot win a contest you didn’t enter. • Be suspicious of pressure to wire funds or send pre- paid cards. • Pay attention to warnings from your financial institution. • If the caller claims an emergency, check it out at a number you know
Slide 36: Activity 1: Telephone Scams
Activity 1: Telephone Scams Complete Activity 1 in the Participant Guide. 1. Read each scenario. 2. Answer the questions. 3. Be prepared to explain your answer. Money Smart for Older Adults 36
Slide 37: Computer/Internet Scams
Computer/Internet Scams • Phishing Authentic looking emails, text messages, and Web pages to trick unsuspecting users into revealing personal financial information • Spoofing Email address disguised to look like that of someone you know Money Smart for Older Adults 37
Slide 38: Tell-tale Language
Tell-tale Language • “We suspect an unauthorized transaction on your account…” • “During our regular verification of accounts…” • “Our records indicate your account was overcharged...” • “…please click the link below to verify your identity” • Please call the number below…” • “I need to send my niec
Slide 39: Computer/Internet: Safeguards
Computer/Internet: Safeguards • Use trusted security software and make sure it is updated frequently. • Do not email financial information or account numbers. • Be cautious about opening attachments and downloading files, regardless of the source. • Use passwords that are hard to guess. • Shut down
Slide 40: Computer/Internet: Safeguards (cont.)
Computer/Internet: Safeguards (cont.) • Do not open messages from an unfamiliar sender. • If you open a suspicious message, delete it; do not click on links or call telephone numbers listed in such messages. • Delete email and text messages that ask you to confirm or provide personal information. •
Slide 41: Identity Theft
Identity Theft Thieves steal your personal financial information and use your identity to commit fraud and other crimes. • Social Security Number • Birth date • Credit card and other account numbers • PINs and passwords Money Smart for Older Adults 41
Slide 42: Identity Theft: Safeguards
Identity Theft: Safeguards • Protect your personal information. • Protect incoming and outgoing mail. • Sign up for direct deposit. • Use a shredder to destroy “financial trash.” • Monitor bank accounts and credit card bills. • Avoid identity theft on the Internet. • Review your credit record annual
Slide 43: Identity Theft: If You Are a Victim
Identity Theft: If You Are a Victim • Place an initial fraud alert with one of the major credit reporting companies. • Request copies of your credit report. • Make an identity theft report. • Consider placing a security freeze on your credit report Money Smart for Older Adults 43
Slide 44: Who Can Help? Identity Theft
Who Can Help? Identity Theft Federal Trade Commission (FTC) For cases of identity theft, contact the FTC at www.ftc.gov/idtheft or call 1-877-IDTHEFT (438-4338) Social Security "When Social Security beneficiaries become aware that they are victims of identity theft, they can block electronic access
Slide 45: Medical Identity Theft: What It Is
Medical Identity Theft: What It Is Someone steals your personal information — such as your name and Medicare number — and uses it to get medical treatment, prescription drugs, surgery or other services and then bills Medicare for it. Money Smart for Older Adults 45
Slide 46: Medical Identity Theft: Risks
Medical Identity Theft: Risks • It is costly to correct. • You could be denied a service or equipment. • It can affect your medical and insurance records – change your blood type or record a diagnosis for a disease you don’t have. • You could receive wrong, perhaps harmful, treatment. Money Smart fo
Slide 47: Medical Identity Theft: Warning Signs
Medical Identity Theft: Warning Signs • A bill for services you did not receive. • Contact from a collection agency for money you do not owe. • Notification from insurance company that you have reached your limit for medical benefits. • Denial of insurance for a medical condition you don’t have. Mon
Slide 48: Medical Identity Theft: Safeguards
Medical Identity Theft: Safeguards • Protect your Medicare and insurance cards. • Review Medicare Summary Notices (MSN), insurance Explanation of Benefits (EOB) statements, and medical bills. • Be careful about sharing personal information (see those listed in your Participant Guide). • Beware of of
Slide 49: Medical Identity Theft: How to Respond
Medical Identity Theft: How to Respond • Obtain your medical file. • Write to your health plan or provider for correction. • Report your concerns to your Senior Medicare Patrol. To find your state SMP contact, visit www.smpresource.org Money Smart for Older Adults 49
Slide 50: Activity 2: Identity Theft
Activity 2: Identity Theft Complete Activity 2 in the Participant Guide. 1. Review each response on the list. 2. Indicate how often you perform each action. 3. Tally your score to see how well you are taking measures to avoid ID theft. Money Smart for Older Adults 50
Slide 51: Planning for the Unexpected
Planning for the Unexpected Preparing for future health problems or disasters • Gives you control. • Relieves stress of decision-making for you and family members or caretakers. • Saves money and helps avoid financial setbacks. • Allows time to gather information and compare options. Money Smart for
Slide 52: Preparing for Future Health Problems
Preparing for Future Health Problems • Prepare a Plan: review income and expenses. • Make sure trusted family members know where to find necessary documents. • Set up direct deposit for income and benefit checks. • Consider automatic payment of important recurring bills. Money Smart for Older Adults
Slide 53: Preparing for Future Health Problems (cont.)
Preparing for Future Health Problems (cont.) • Consider a Durable Power of Attorney. • Make sure you are properly insured. • Maintain a healthy lifestyle. Money Smart for Older Adults 53
Slide 54: Receiving Social Security Benefits
Receiving Social Security Benefits Social Security and Supplemental Security Income (SSI) • Direct Deposit • Direct Express® Debit Card Money Smart for Older Adults 54
Slide 55: Preparing Financially for a Disaster
Preparing Financially for a Disaster What you may need: • Forms of identification ̶ Driver’s license or government-issued ID ̶ Insurance cards ̶ Social Security card ̶ Passport ̶ Birth certificate Money Smart for Older Adults 55
Slide 56: Other Items You May Need
Other Items You May Need • Checkbook (blank checks and deposit slips to last at least a month) • ATM cards, debit cards, credit cards • Cash • Phone numbers for financial services providers • Important account numbers • Key to safety deposit box Money Smart for Older Adults 56
Slide 57: Protecting Your Documents
Protecting Your Documents • Make backup copies of important documents. • Make an electronic image for easy storage. • Give a copy to loved ones or tell them where to find documents in an emergency. • Store backups at a distance from home in case disaster affects entire community. • Make a record of
Slide 58: What to Keep; Where to Keep It
What to Keep; Where to Keep It • Safety deposit box Birth certificate and originals of important contracts • Home, preferably in fireproof safe Passport, medical care directives, will • Seal important documents in airtight, waterproof bags or containers • Prepare emergency evacuation bag(s) Money Sm
Slide 59: What Else to Consider
What Else to Consider • Arrange for automatic bill payment from your bank account. • Sign up for Internet banking services. • Review your insurance coverage. Money Smart for Older Adults 59
Slide 60: Additional resources
Additional resources Answers for many questions can be found at: ASK CFPB www.consumerfinance.gov/askcfpb/ You can also contact the FDIC at: communityaffairs@fdic.gov Money Smart for Older Adults 60
Slide 61: Activity 3: How Financially Prepared Are You?
Activity 3: How Financially Prepared Are You? Complete Activity 3 in the Participant Guide. 1. Think about what you have learned today. 2. List the documents you will gather and where you will keep them. Money Smart for Older Adults 61
Slide 62: Reverse Mortgages
Reverse Mortgages Allow homeowners 62 and older to borrow against equity in their homes • Monthly interest charges are added to loan amount. • Available as a line of credit, in regular monthly installments, or as a lump sum. • Repayable when you no longer live in the home • Must maintain the home an
Slide 63: Reverse Mortgage: Scams
Reverse Mortgage: Scams • Family members pressure a homeowner to get a reverse mortgage so they can “borrow” the money. • Scammer requires borrower to sign a Power of Attorney or otherwise sign over proceeds. • Brokers pressure borrowers to purchase other financial products. Money Smart for Older Ad
Slide 64: Mortgage Assistance Relief Scam
Mortgage Assistance Relief Scam • Beware of anyone who promises you can stay in your home or who asks for a lot of money to help you. • Scammers might promise guaranteed or immediate relief from foreclosure, and might charge you very high fees for few or no services. Money Smart for Older Adults 64
Slide 65: Contractor/Home Improvement Fraud
Contractor/Home Improvement Fraud Many homeowners are targeted by scam artists who use high pressure tactics to sell unneeded and overpriced contracts for "home improvements" Money Smart for Older Adults 65
Slide 66: Contractor/Home Improvement Fraud
Contractor/Home Improvement Fraud • Small firm or individual, often going door-to-door • Promises for quick work at below market prices • Substandard, unnecessary, or damaging work • Pressures to pay through threats or intimidation • Possibly impersonation of government officials Money Smart for Old
Slide 67: Avoiding Contractor Fraud: Tips
Avoiding Contractor Fraud: Tips • Verify the identity of anyone claiming to be a government employee. • Obtain written bids from local contractors. • Avoid contractors who approach you. • Check for licenses and complaints. • Check references. • Require a clearly written contract. • Don’t pay in adva
Slide 68: Avoiding Contractor Fraud: Tips (cont.)
Avoiding Contractor Fraud: Tips (cont.) • Don’t provide personal financial information. • If you need a loan, don’t let the contractor steer you to a lender. • Withhold final payment until you are satisfied and all required inspections are completed. Read Home Sweet Home Improvement available at the
Slide 69: Scams Targeting Veterans Benefits
Scams Targeting Veterans Benefits • Pension Benefit Filing Scam ̶ Marketing of financial and estate planning services to help veterans qualify ̶ Charging substantial fees to help veterans file • Lump-sum Payment for Future Benefits For information on VA benefits, visit www.va.gov or call 1-800-827-1
Slide 70: Avoiding VA Pension Filing Scams
Avoiding VA Pension Filing Scams • Know that VA must accredit individuals who help you prepare and file a claim. • Check accreditation at www.va.gov/ogc/apps/accreditation/index.asp. • Never pay a fee for help in filing your initial claim. • Avoid attorneys or claims agents who try to market investm
Slide 71: Avoiding Lump-Sum Payment Scams
Avoiding Lump-Sum Payment Scams • Be aware that these arrangements are very costly. • Say no to arrangements that allow the lump-sum payment provider access to your account. • Remember that VA benefits cannot be garnished by a creditor. • Seek advice of a trusted financial expert. Money Smart for Ol
Slide 72: Conclusion
Conclusion You learned about: • Types of financial exploitation • Tips for recognizing scams • Strategies for avoiding identity theft, including medical identity theft • How to prepare financially for future health problems and disasters Money Smart for Older Adults 72
Slide 73: Summary
Summary • What final questions do you have? • What have you learned? • How would you evaluate the training? Money Smart for Older Adults 73
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