Elder Financial Exploitation | New 2019 Statistics

This week's Los Angeles Times article, "When a 'trusted' financial professional targets the assets of America's elderly," is worth reading. Whether you're a senior yourself or you have elderly loved ones, now is the time to be on guard against elder financial abuse.
The article notes that in 2017, financial institutions filed 63,500 Suspicious Activity Reports (SARs) tied to the exploitation of older adults, quadruple the number reported just four years earlier. Parts of the article are based on a very important February 2019 study by the US Consumer Financial Protection Bureau.
The study references elder financial exploitation as "EFE." The study, which we've linked in our text, is available online. The Consumer Financial Protection Bureau (CFPB) website reports that since "2013, financial institutions have reported to the federal government over 180,000 suspicious activities targeting older adults, involving a total of more than $6 billion."
Key findings from the Bureau include the supposition that Suspicious Activity Reports "likely represent a tiny fraction of actual incidents of financial exploitation." That means the actual scale of elder financial abuse is much larger than we might think...
Read more: www.hackardlaw...

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