Referencing a FinCEN financial trend analysis of Bank Secrecy Act report over a one-year period ending in June 2023, the statement revealed that about $27 billion in reported suspicious activity can be linked to elder financial exploitation. It is of paramount importance to highlight because older adults, considered a vulnerable group, are more likely to experience financial exploitation such as losing their life savings, financial security and face other harm.
,It is the responsibility of banks, credit unions, and other supervised institutions to support the eradication of elder financial exploitation and establish risk management practices to spot, prevent, and respond to elder financial exploitation. The statement highlights these practices as:
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