The interagency statement emphasizes the seriousness of elder financial exploitation, stating it poses significant economic impacts on older Americans who may lose their life savings and security.
According to FinCEN, suspicious activity related to elder financial exploitation totaled approximately $27 billion over a one-year period, highlighting the economic scale of this issue.
Older adults are particularly vulnerable to financial exploitation due to their wealth compared to younger demographics, making them attractive targets for criminals.
The statement includes recommendations for mitigating risks, such as improved governance, employee training, and maintaining open communication among departments that monitor unusual account activities.
#elder-financial-exploitation #regulatory-oversight #economic-impact #financial-security #consumer-protection
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