Five federal financial regulatory agencies, the Financial Crimes Enforcement Network
(FinCEN), and state financial regulators issued a statement today to provide supervised
institutions with examples of risk management and other practices that may be effective in
combatting elder financial exploitation.
Older adults who experience financial exploitation can lose their life savings and financial
security and face other harm. A FinCEN financial trend analysis of Bank Secrecy Act
reports over a one-year period ending in June 2023 found that about $27 billion in reported
suspicious activity was linked to elder financial exploitation.