CFPB Releases Elder Financial Exploitation Report

The report indicates that the financial exploitation of older adults by scammers, family members, caregivers, and others is widespread in the United States.

 

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Suspicious Activity Reports (SAR) filings on elder financial exploitation quadrupled from 2013 to 2017. In 2017, elder financial exploitation (EFE) SARs totaled 63,500. Based on recent prevalence studies, these 2017 SARs likely represent a tiny fraction of actual incidents of elder financial exploitation.

Key Findings from the  Report:
SAR filings on elder financial exploitation quadrupled from 2013 to 2017.
Financial institutions reported a total of $1.7 billion in suspicious activities in 2017, including actual losses and attempts to steal the older adults’ funds.
Nearly 80 percent of EFE SARs involved a monetary loss to older adults and/or filers (i.e. financial institutions).
When a filer lost money, the average loss per filer was $16,700.
Adults ages 70 to 79 had the highest average monetary loss ($45,300).

Read the Full Report Here 

Receive your training today from The MD|DC Credit Union Association. All affiliated credit unions are welcome to complete the training. Learn how to prevent, identify, and report elder financial exploitation.  Provide your staff with free Senior Safeguard training equipped with a certificate of completion of the online modules. Employees can complete their training right at their desks, and will automatically enter a drawing for a chance to win a $50.00 gift card if training is completed by April 5, 2019. You do not want to miss out on the chance to receive a Senior Safeguard certification. The modules are easy to use and before you know it, you are finished.

Reasons to Complete the Training
The certification provided by this program will support the requirements outlined in the Senior Safe Act to allow credit unions safe harbor when it detects possible elder financial abuse.  Senior Safeguard is a great opportunity to help protect members from adult financial exploitation

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