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 .. 14. Nearly 80 percent of EFE SARs involved a monetary loss .. 15. Older adults' monetary losses were more common and greater than filers'. losses .. 15. One third of the individuals who lost money were ages 80 and older.
Studies show that financial exploitation is the most common form of elder abuse and yet only a small fraction of incidents are reported. 5. Estimates of annual losses to older adults have ranged from $2.9 billion to $36.5 billion. 6. Financial institutions are uniquely positioned to prevent and respond to elder financial exploitation.
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