Elder abuse, which includes elder financial exploitation (EFE) and other forms of abuse, affects at least 10 percent of older adults in the United States each year. It’s also estimated that older adults lose more than $3 billion annually to financial exploitation and fraud. Just like other types of financial crime, financial institutions are in a unique position to help identify and prevent such activity. Sadly, many instances of EFE are carried out by someone an older adult knows and trusts.
According to a FinCEN Advisory on EFE (FIN-2022-A022), Older adults are targets for financial exploitation due to their income and accumulated life-long savings, in addition to the possibility that they may face declining cognitive or physical abilities, isolation from family and friends, lack of familiarity or comfort with technology, and reliance on others for their physical well-being, financial management, and social interaction.
Published
2024/03/14
