FinCEN: $27 Billion in Elder Financial Exploitation

Financial institutions reported roughly $27 billion in suspicious activity related to elder financial exploitation in a one-year period. The figure is based on data from Bank Secrecy Act reports filed between June 2022 and June 2023. The Financial Crimes Enforcement Network (FinCEN) analysis identified two main types of elder financial exploitation: scams, where the victim doesn't know the perpetrator, and theft, where a trusted person steals from the elderly victim.

According to FinCEN, scams are more common and often involve account takeovers that minimize contact with employees of financial institutions. The analysis also reveals that adult children are the most frequent perpetrators in elder theft cases.

In addition to filing a Suspicious Activity Report, FinCEN recommends that financial institutions refer victims to the Department of Justice's National Elder Fraud Hotline at
833-FRAUD-11 or 833-372-8311.