The CFPB Urges Financial Institutions to Report Elder Financial Exploitation

July 18, 2019

This week, the CFPB is urging all financial institutions to report any suspicious activity of older account holders that may be targeted or victimized for financial fraud or abuse.

The advisory notes that financial institutions are “uniquely positioned” to detect when older account holders are targeted or victimized. They urge any abusive activity to be filed through Suspicious Activity Reports (SARs) with the federal government. Read more and best practices directly on the CFPB’s website.

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Anurag Agarwal, PhD

President, RiskExec

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