This story appeared in Bank Digest.
The Consumer Financial Protection Bureau's Office of Financial Protection for Older Americans has issued a report regarding financial exploitation of older adults. The report is based on Suspicious Activity Reports filed with the federal government by financial institutions such as banks and money services businesses.
The report presents the first public analysis of elder financial exploitation SAR filings since the Financial Crimes Enforcement Network introduced electronic SAR filing with a designated category for "elder financial exploitation" in 2013. Among other findings, the report said that SAR filings on elder financial exploitation quadrupled from 2013 to 2017.