Banks Should Report Elder Financial Abuse
Banks Can Help Prevent Elder Financial Exploitation
Not only are family members and financial caregivers watching out for financial abuse targeted at the elderly, including vulnerable nursing home residents, but banks and other financial institutions are also filing an increasing number of suspicious account reports (SARs). This year, the Office of Financial Protection for Older Americans received over 180,000 encounters of suspicious elder financial exploitation (EFE), involving a total of more than $6 billion since 2013.
Noted in a 2019 report published by the Office of Financial Protection for Older Americans, banks reported a total of $1.7 billion in suspicious activities in just 2017, including actual losses and attempts to steal the older adults’ funds. Continue reading →
Rules granting other people control over your money when you are elderly or infirm are open to abuse.