On Apr. 18, FinCEN issued analysis on elder financial exploitation.
Fincen issued a Financial Trend Analysis report focusing on patterns and trends identified in Bank Secrecy Act (BSA) data linked to elder financial exploitation (EFE).
EFE defined as the illegal or improper use of an older adult’s funds, property, or assets.
Examined BSA reports filed between Jun. 15, 2022 - Jun. 15, 2023 that either used the key term EFE or checked elder financial exploitation as a suspicious activity type.
There were 155,415 filings indicating roughly $27 bn in EFE-related suspicious activity.
During review period, FinCEN received 155,415 EFE-related BSA reports associated with over $27bn in reported suspicious activity, both for actual and attempted actions.
The types of EFE typically consist of two subcategories: elder scams and elder theft.
EFE-related losses may affect personal savings, checking accounts, retirement savings, and investments, and can severely impact victims’ well-being and financial security.
Key Findings
The types of EFE typically consist of two subcategories: elder scams and elder theft.
EFE-related losses may affect personal savings, checking accounts, retirement savings, and investments, and can severely impact victims’ well-being and financial security.
Analysis revealed most elder scam-related BSA filings referenced account takeover.
Reported account takeovers were generally by a perpetrator unknown to the victim.
Also found that adult children were the most frequent elder theft-related perpetrators.
Illicit actors use unsophisticated means to steal that minimize contact with institution.
Findings highlight the value of BSA information filed by regulated financial institutions.
