Elder Financial Exploitation

Older adults are a growing population in the United States as well as a growing target for scams. ABA and the ABA Foundation provide resources and tools to help you understand and address elder financial exploitation (EFE). Find federal guidance and legislation that protect seniors.

News

NewsByte
Study finds older adults particularly vulnerable to scams
September 26, 2023
NewsByte
ABA Foundation, FBI release guide to combat elder financial exploitation
June 15, 2023
Press Release
ABA Foundation Joins FBI in Releasing New Guide for Banks to Prevent Elder Financial Exploitation
June 15, 2023
Press Release
ABA Foundation Recognizes Older Americans Month, Offers New Resources on Financial Caregiving
May 04, 2023

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FBI Elder Report

The FBI recently released its 2022 Elder Fraud Report, highlighting key data points on the ways in which scammers target older people across the nation. The report shows an 84% increase in total losses reported by older victims in comparison to 2021.

Read the Report

Related Training & Events

ABA Experts Webinar: What You Need to Know about the CRA Final Rule
Recorded Webinar | November 3, 2023

The federal banking agencies have finalized the long-awaited overhaul of regulations that implement the Community Reinvestment Act. The new rule aims to reflect the digital delivery of financial products and services and enhance economic opportunity for low-and moderate-income individuals and communities. It also has strategic implications for banks that may affect your growth strategy and expansion into new markets.
Ways to Recognize and Combat Elder Financial Exploitation
Recorded Webinar | June 14, 2023

In advance of World Elder Abuse Awareness Day, join ABA Foundation and the Department of Justice for a free webinar on recognizing behavioral and financial red flags.
Resources to Protect Your Older Customers
Recorded Webinar | May 9, 2023

In observance of Older Americans Month in May and World Elder Abuse Awareness Day on June 15, ABA and the ABA Foundation are offering several resources to help you connect with — and support — the older people in your communities.
Top Scams Against Consumers
Recorded Webinar | March 7, 2023

Join ABA Foundation and the Better Business Bureau Institute for Marketplace Trust to learn about top scams and their effects on different demographics of Americans. Find out the riskiest scams from the past year in the 2022 BBB Scam Tracker Risk Report.

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FinCEN Advisory on Elder Financial Exploitation

FinCEN issued an advisory highlighting new scam typologies and elder financial exploitation red flags in response to rising criminal activity targeting America's seniors.

Access the Advisory

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 a Suspicious Activity Report (SAR) with FinCEN explaining any suspected financial abuse activity. Include the term “elder financial exploitation” and the victim’s information in the narrative portion. Do not report the victim as the subject of the SAR. For more information, visit FinCEN.

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.

Join the Initiative