Vulnerable clients, including the elderly, those with disabilities, and individuals under guardianship, face unique financial challenges. They are often targets for financial exploitation and abuse, making it imperative to have a robust financial management system that goes further than traditional vulnerable client bank accounts.
Recent research from the Social Care Institute for Excellence (SCIE) suggested that 17 per cent of the public knew a vulnerable adult (18+) who had been a victim of financial crime and that 24 per cent of people who identified as vulnerable adults knew another vulnerable adult who had been a victim of financial crime.
The Challenges Faced by Vulnerable Clients
Individuals who are vulnerable due to age, disability, or other circumstances are particularly susceptible to financial exploitation. Common challenges include:
– Identity theft and fraud: Often targeted by scammers who exploit their trust and personal information.
– Lack of financial literacy: Difficulty understanding financial concepts can lead to poor decision-making.
– Difficulty accessing financial services: Limited mobility / cognitive impairments can hinder access to financial institutions.
– Exploitation and financial abuse: Caregivers, family members, or others may misuse a vulnerable person’s funds.
The Cleva Solution
Cleva is designed specifically to address the financial needs of vulnerable clients. We provide an innovative alternative to vulnerable client bank accounts. Our Cleva ‘account’ management platform provides a secure and efficient way to oversee and manage finances, mitigating the risks associated with traditional methods.
Key features of Cleva include:
– Centralised financial management: All financial transactions are consolidated into one platform, providing a clear overview of income, expenses, and assets.
– Real-time alerts: Instant notifications for unusual or suspicious activity help prevent fraud and unauthorised transactions.
– Access controls: Customisable access levels ensure that only authorised individuals can view and manage financial information.
– Detailed reporting: Comprehensive reports provide insights into spending patterns and financial health.
– Integration with existing financial institutions: Cleva seamlessly connects to banks, benefit or pension payments, and other financial services.
By utilising Cleva, guardians, care providers, and financial advisors can effectively protect the financial well-being of their vulnerable clients. Our alternative to traditional vulnerable client bank accounts empowers your clients to make informed decisions, prevents financial exploitation, and ensures the long-term security of their assets.
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Vulnerable client bank accounts? We have a ‘Cleva’ solution!
Safeguarding the financial future of vulnerable clients is paramount. Cleva offers a comprehensive solution that provides peace of mind for both clients and their guardians. By leveraging our advanced technology and security measures, we help protect against financial exploitation and ensure the well-being of those who rely on us.
To learn more about how Cleva can protect your vulnerable clients, please contact us for a free, one-to-one, personalised consultation!