Your community bank is in an ideal position to identify signs of financial abuse among your customers. ICBA has compiled a number of resources to help your bank identify, prevent, and report elder financial exploitation.
Identifying, preventing, and reporting elder financial exploitation is a serious issue.
According to the CFPB’s “Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends” Report (Feb. 2019), incidents of elder abuse have quadrupled since 2013. Financial institutions have filed more than 180,000 suspicious activities reports targeting older adults, totaling more than $6 billion.
As a relationship lender with close ties to your customers and communities, your community bank is in an ideal position to identify signs of financial abuse among your customers. ICBA has compiled a number of resources to help your bank identify, prevent, and report elder financial exploitation.
Tools to Prevent, Identify, and Report Elder Financial Exploitation
AARP BankSafe Training Platform
A modern, interactive online training platform that helps community bank employees identify and stop suspected financial exploitation. Designed for staff at all levels of your bank with input from financial industry professionals
Share These Resources With Your Customers and Community
FDIC & CFPB Money Smart for Older Adults
This resource guide was created to help older adults, family caregivers, and others prevent, recognize, and report financial exploitation. Guides are available in English and Spanish and can be ordered in bulk at no cost.
CFPB’s Managing Someone Else’s Money Guide
Millions of Americans manage money or property for a loved one who is unable to pay bills or make financial decisions independently. This CFPB guide explains fiduciary obligations and discusses how to spot elder financial exploitation and avoid scams. Community banks can customize the guides with their logos to share with customers and clients.
FTC Pass It On CampaignThe Federal Trade Commission’s Pass It On campaign includes articles, presentations, videos, and activities that community stakeholders can use to increase awareness of scams targeting older Americans. Refer to the FTC’s website for breaking information about trending scams and prevention tips.
Key Industry Publications
FinCEN Financial Institution Advisory, “Advisory to Financial Institutions on Filing Suspicious Activity Reports Regarding Elder Financial Exploitation.” (February 22, 2011) (See PDF)
- FinCEN SAR Filing Requirement: 31 CFR Chapter 1020.320
- FinCEN SAR Electronic Filing Requirements User Guide (June 2018) (See PDF)
- The National Adult Protective Services Association (NAPSA) – Adult Protective Services (APS) are social services programs provided by state and local governments nationwide servicing older adults and adults with disabilities who are in need of assistance. APS frequently serves as a first responder in cases of abuse, neglect, or exploitation. APS is not always the name of the agency in each state.
Elder Abuse Stats
Annually, financial institutions lose more than $1 billion in deposits due to the exploitation of Americans over the age of 50.
The average victim of elder financial exploitation loses $120,000.