FinCEN warns of elder financial exploitation

This post summarizes information provided by FinCEN on June 15, 2022. To read its complete advisory, visit Elderly Financial Exploitation Advisory (fincen.gov).

In support of World Elder Abuse Awareness Day, FinCEN issued an advisory earlier this month, warning financial institutions of rampant fraud and abuse targeting older adults.

According to the U.S. Department of Justice, elder abuse, which includes Elder Financial Exploitation (EFE) and defined as the illegal or improper use of an older adult’s funds, property, or assets, among other forms of abuse, affects at least 10 percent of older adults each year in the United States.

FinCEN reports that over 62,000 suspicious activity reports (SARs) related to EFE were filed in 2020, totaling what the Consumer Financial Protection Bureau (CFPB) estimates to be $3.4 billion in suspicious transactions. An increase from $2.6 billion in 2019, this is the largest year-to-year increase since 2013.

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