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By all accounts, elder financial exploitation (EFE) is a growing financial crime that targets older people across the nation with devastating effects and also poses significant challenges for law enforcement responders and investigators. Financial institutions, including banks and credit unions, are required to file Suspicious Activity Reports (SARs) on a variety of suspicious transactions with the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of Treasury. The number of EFE SARs filed with FinCEN (fincen.gov) increased from 62,000 in 2020 to 106,000 in 2022. In 2023, the number of filings jumped to over 160,000. Banks and credit unions filed more than half of all EFE SARs and SAR filings from all financial institution sources with over $3.4 billion in suspicious activities reported concerning suspected elder financial exploitation. Law enforcement (LE) can access SARs and use the information to conduct investigations that potentially stop EFE by a broad spectrum of perpetrators.

PRESENTERS: Jenefer Duane, Senior Program Analyst, Consumer Financial Protection Bureau, Office for Older Americans, Laura Richardson, Consultant/BSA/SAR Subject Matter Expert, Consumer Financial Protection Bureau

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