The number of Suspicious Activity Reports related to elder financial exploitation has risen dramatically over the past several years, as seniors face increasing threats from both domestic and foreign actors, according to an analysis released last night by the Financial Crimes Enforcement Network.
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As the population of older Americans continues to grow—and with seniors increasingly the targets of scams—a majority of banks are responding by offering training for frontline staff on how to prevent elder financial exploitation, according to the ABA Foundation’s second Older Americans Benchmarking Report released today.
Nearly 15% of Americans—more than 34 million people—are serving as caregivers for adults over 50. In November, recognized as National Family Caregiver Month, the ABA Banking Journal Podcast examines how banks can support caregivers in their mission while protecting the privacy and safety of the bank customers receiving care.
The Consumer Financial Protection Bureau yesterday released an advisory to financial institutions for reporting suspected elder financial exploitation.
First Financial Bank takes elder fraud seriously. The $7.8 billion bank with locations across Texas has stopped $7.5 million in elder fraud, including $2.3 million in 2018 alone.