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ABA: The American Bankers Association
Banking Topic

Elder Financial Exploitation

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Risk Management

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

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FinCEN Analysis

Between June 2022 and June 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) found that over 155,000 BSA filings amounted to roughly $27 billion in elder financial exploitation related suspicious activity.
Read the Report

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

ABA Resources

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Two campaigns, one mission

Help your customers fight fraud with these free campaigns.

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Industry Resources

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Related Acts & Regulations

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Our Experts

Sam Kunjukunju

Sam Kunjukunju

Vice President, Consumer Education

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Blair Bernstein

(202) 663-5468

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ABA Foundation Webinars

Safe Banking for Seniors webinars that focus on prevailing scams, bank outreach to older adults and financial industry guidance on protecting seniors.