Elder Financial Abuse on the Rise, According to CFPB Report

The number of elder financial exploitation (EFE) suspicious activity reports (SARs) filed by financial institutions quadrupled between 2013 and 2017, according to a new report released Tuesday by the Consumer Financial Protection Bureau (CFPB). In addition, nearly 80% of these filings involved monetary loss to individual or financial institution.

On average, older Americans lost $34,200, while 7% of the EFE SARs showed losses exceeding $100,000. One-third of those who lost money were at least 80 years old. "A monetary loss was more common, and the amount lost was greater, when the older adult knew the suspect than when suspects were strangers," the report revealed.

The report provides insights to key facts, trends and patterns revealed in 180,000 EFE SARs analyzed by the bureau. The full report is available here.

Last year, President Donald Trump signed an Executive Order establishing a new Task Force on Market Integrity and Consumer Fraud to focus on combating fraud against consumers – particularly the elderly, service members, and veterans – and corporate fraud that victimizes the general public and the government.