In light of findings about the prevalence of elder financial abuse and relative lack of reporting among institutions, the Consumer Financial Protection Bureau recently announced that it is advising financial institutions to be more proactive about alerting the appropriate authorities to instances of possible exploitation against the elderly.
The bureau noted that less than one-third of Suspicious Activity Reports examined for its February report on elderly financial exploitation indicated that the reporting entity alerted first-responders.
Learn more about the bureau’s stance on best practices for reporting elderly abuse.