A devastating toll of elder financial abuse has been revealed, with a staggering $27 billion lost over a one-year period. To combat this growing threat, five federal financial regulatory agencies, the Financial Crimes Enforcement Network (FinCEN), and state financial regulators have issued a joint statement outlining effective risk management and other practices to prevent and respond to elder financial exploitation.
Banks, credit unions, and other supervised institutions play a vital role in protecting their elderly customers from these despicable crimes. The statement provides concrete examples of practices that can help identify, prevent, and respond to elder financial exploitation, including effective governance and oversight, employee training, and suspicious activity reporting to FinCEN.
According to a FinCEN financial trend analysis of Bank Secrecy Act reports over a one-year period ending in June 2023, the reported suspicious activity linked to elder financial exploitation totals $27 billion. This alarming figure highlights the urgent need for action to safeguard the financial security and well-being of vulnerable older adults.
The interagency statement emphasizes the importance of supervised institutions engaging with elder fraud prevention and response networks, increasing awareness through consumer outreach, and providing financial records to appropriate authorities where consistent with applicable law.
While the $27 billion loss is a staggering figure, the real victims are the elderly individuals who have lost their life savings and financial security due to these heinous crimes. It is essential that supervised institutions take proactive steps to prevent elder financial exploitation and provide support to those who have been affected.
The joint statement serves as a critical step towards combating elder financial exploitation, and it is now up to supervised institutions to implement these effective risk management and other practices to protect their customers.
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Key Facts
- Agency: FDIC
- Category: Fraud & Financial Crimes
- Source: Official Source â†â€â€ÂÂ
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