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ABA: The American Bankers Association

The number of seniors in the United States is a growing population. For a variety of reasons, seniors also tend to be vulnerable to scams. This webpage is designed to help bankers understand elder financial exploitation (EFE) and provide resources for bankers.

Related Training & Events

  • Elder Financial Exploitation

    Self-Paced Training

    Explains the forms of financial exploitation and how to recognize telemarketing schemes and online financial exploitation. Explores the characteristics of seniors that make them targets of financial exploitation. Analyzes the state and federal laws concerning elder financial exploitation and how banks play a significant role in recognizing victimized seniors.

Federal Guidance and Legislation

Pending Federal Legislation

  • 2019 Stop Senior Scams Act – HR 2016, introduced in the House of Representatives, would establish a Senior Scams Prevention Advisory Council to create model educational materials for employees of retailers, financial-services companies, and wire-transfer companies on how to identify and prevent scams that affect seniors
  • 2020 Protect Seniors from Scams During Coronavirus Pandemic– bill introduced by Senator Klobuchar (D-MN) and Senator Moran (R-KS) to direct the FTC to report to Congress on scams targeting seniors during COVID-19 and make recommendations on how to prevent future scams during emergencies. Also directs the FTC to update its website with information to help seniors access law enforcement contacts and adult protective services.

State Laws and Resources

Reporting Elder Financial Exploitation

Banks should report suspected elder financial exploitation to all appropriate federal, state, and local authorities. Banks should also file Suspicious Activity Reports (SAR) with FinCEN. When completing a SAR, FINCEN requests “that financial institutions select the appropriate characterization of suspicious activity in the Suspicious Activity Information section of the SAR form and include the term “elder financial exploitation” in the narrative portion of all relevant SARs filed. The narrative should also include an explanation of why the institution knows, suspects, or has reason to suspect that the activity is suspicious. It is important to note that the potential victim of elder financial exploitation should not be reported as the subject of the SAR. Rather, all available information on the victim should be included in the narrative portion of the SAR included a Law enforcement can use information contained in SARs to trigger investigations.”

Safe Banking for Seniors

An ABA Foundation program to help banks educate their communities on combatting elder financial exploitation. Register to access free resources on avoiding scams, preventing identity theft and financial caregiving.

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