Transcription of Suspicious Activity Reports on Elder Financial ...
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Suspicious Activity Reports on Elder Financial ...
CONSUMER Financial PROTECTION BUREAU | FEBRUARY 2019. Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends Office of Financial Protection for Older Americans Table of contents Executive Summary .. 3. Key findings .. 3. 1. Introduction .. 6. 2. Background .. 8. 3. Trends in SAR submissions .. 11. SAR filings on Elder Financial exploitation quadrupled from 2013 to 2017 .. 11. Money services businesses have filed an increasing share of EFE SARs .. 12. 4. Monetary losses reported in EFE SARs .. 14. Filers reported a total of $ billion in Suspicious activities in 2017.
Elder financial exploitation is the illegal or improper use of an older person’s funds, property or assets. 3. Perpetrators include a wide variety of people ranging from close family members to offshore scammers. 4. Studies show that financial exploitation is the most common form of elder
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