Financial institutions reported $27 billion in suspicious activities linked to elder financial exploitation from 2022 to 2023, according to the Financial Crimes Enforcement Network.
FinCEN: $27B in elder financial exploitation reported by financial institutions
April 22, 2024 / By ICBA
Financial institutions reported $27 billion in suspicious activities linked to elder financial exploitation from 2022 to 2023, according to the Financial Crimes Enforcement Network.
Financial institutions reported $27 billion in suspicious activities linked to elder financial exploitation from 2022 to 2023, according to the Financial Crimes Enforcement Network.
Details: FinCEN's report underscores the growing issue of financial crimes against older adults, involving illegal or improper use of their funds, property, or assets. The majority of reports were filed by banks, with elder scams—where money is transferred under false pretenses—making up about 80% of the cases. The remaining 20% involved elder theft by trusted individuals, often family members.
ICBA Resources: ICBA offers a customizable news release and blog post to educate customers about elder financial abuse on its Tell Your Story marketing and communications toolkit. Access the toolkit.
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