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FinCEN report on increase in fraud against elders
A report has been released by FinCEN indicating that elders face an increased threat to their financial security by both domestic and foreign actors. Elder financial exploitation Suspicious Activity Report filings increased dramatically over the six-year study period, from about 2,000 filings per month in 2013 to a peak of nearly 7,500 filings per month in August 2019. The yearly dollar amount of suspicious activity reported for elder financial exploitation also rose.
FinCEN Director Kenneth A. Blanco said the SARs filed by financial institutions are used to protect the country and its people from harm and provide unique and valuable information on crime and other threats happening in the U.S. and around the world impacting families and communities. He said, "These SARs are also important to filer banks and MSBs because they show trends and patterns in criminal activity. Every financial institution wants to protect its customers, and SAR reporting helps them do that. Awareness of these reporting trends and potential exploitation methods can also help consumers protect themselves."