On Feb. 26, CFPB issued report on wide elder financial abuse.
- Financial institutions report vast increase in older customers prey to exploitation.
- Perpetrators from offshore scammers to close family members and they’re filing
hundreds of thousands of reports with federal government about their suspicions.
- First-public analysis provides better understanding of elder fraud and prevention.
- Trends and patterns in SARs filed by banks, CUs, casinos, and service providers.
- CFPB analyzed 180k exploitation SARs filed with FinCEN 2013-17, involved $6bn.
- In 2017, institutions filed 63,500 SARs, a four times increase from that of 2013.
- Yet the SARs likely represent only tiny fraction of the actual 3.5 million incidents.
- Exploitation is not confined to banks; wiring services have filed a 58% increase.
- Older adults 70-79 lost average $43k and when they knew suspect, about $50k.
- Less than a third of elder financial exploitation SARs, specify that the institution
reported activity to adult protective services, law enforcement or other authority.
- Institutions who do not report, miss an opportunity to aid prevention, response.