FinCEN and CFPB Guidance: Elder Financial Exploitation

Combat the rising trend of elder financial exploitation. Discover the latest guidance from FinCEN and CFPB.

The rampant growth of elder financial exploitation has made a significant impact in recent years, seeing millions of seniors fall victim to scams, frauds, and other forms of financial abuse. In response, FinCEN and CFPB guidance on Elder Financial Exploitation provides essential information and best practices for detecting and preventing this type of abuse. 

Financial institutions that fail to follow these guidelines may face significant legal and reputational risks, as regulators and customers increasingly expect them to take proactive steps to prevent elder financial abuse.

You need to update your organization’s procedures to prevent the “illegal or improper use of an older adult’s funds, property, or assets.” To protect your financial institution, you must take action quickly.

• What types of elder financial exploitation are most prevalent?
• What red flags will help you detect elder financial abuse?
• What specific steps should your institution take to prevent exploitation?
• How does the latest FinCEN advisory affect your organization?
• Why is this a growing issue requiring procedural updates?
• How should you report elder financial exploitation?

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