FinCEN issues Financial Trend Analysis on Elder Financial Exploitation

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FinCEN issued Financial Trend Analysis on Elder Financial Exploitation for firms.

The report provides information on patterns and trends identified in Bank Secrecy Act (BSA) data linked to Elder Financial Exploitation (EFE), or the illegal or improper use of an older adult’s funds, property, or assets.

Key findings include:

  • Banks filed 72 percent of all EFE-related BSA filings;
  • Financial institutions filed more elder scam-related BSA filings than elder theft-related BSA filings;
  • Account takeover is the most frequently cited EFE typology; and
  • Perpetrators often rely on unsophisticated methodologies and avoidance of human contact.

Firms with operations in the U.S can view the FinCEN report to identify indicators of Elder Financial Exploitation to aide in its mitigation and prevention.

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