Elder financial abuse continues to be a major focus of regulators and institutions alike. Based on the updated information in this recent study, it should be as elder financial abuse continues to be among the fastest growing areas of fraud.
The number of Suspicious Activity Reports filed on suspected elder financial abuse quadrupled from 2013 to 2017, rising to 63,500 that year, according to new figures published today by the Consumer Financial Protection Bureau. In 2017, financial institutions reported $1.7 billion worth of actual elder fraud losses and attempts to steal seniors’ money. Of SARs during the study period, nearly 80 percent involved a loss to a senior victim or to the institution filing the SAR. When a SAR involved a loss to a senior, the average amount was $34,200; when a filer lost money, the amount averaged $16,700. Losses were greater when victims knew the suspect; $50,000 on average versus $17,000 for stranger frauds. Losses involving a victim’s checking and savings accounts saw higher median losses than those involving money transfers or credit cards.