Elder Fraud Issues

The Financial Crimes Enforcement Network (FinCEN) issued an advisory to alert financial institutions to the rising trend of elder financial exploitation (EFE) and to highlight typologies and red flags new since the first EFE advisory in 2011.  FinCEN also issued this advisory in support of World Elder Abuse Awareness Day, which has been commemorated on June 15 every year since 2006 and provides an opportunity for communities around the world to promote a better understanding of abuse and neglect of older adults by raising awareness of the related cultural, social, economic, and demographic factors. According to the U.S. Department of Justice, elder abuse, which includes EFE among other forms of abuse, affects at least 10 percent of older adults each year, with millions of them combining to lose more than $3 billion to financial fraud annually.  Attend this important webinar to learn more.