CFPB-PR-241204-1 (12-04-24)
Agencies Issue Statement on Elder Financial Exploitation
Excerpt:
WASHINGTON, D.C. – Five federal financial regulatory agencies, the Financial Crimes Enforcement Network (FinCEN), and state financial regulators issued a statement (PDF 11-pages) today to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation.
Older adults who experience financial exploitation can lose their life savings and financial security and face other harm.
A FinCEN financial trend analysis of Bank Secrecy Act reports over a one-year period ending in June 2023 found that about $27 billion in reported suspicious activity was linked to elder financial exploitation.
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CFPB-PR-241204-1 (12-04-24)