Interagency Statement on Elder Financial Exploitation

In June 2026, this document was revised to remove references to reputational risk.

Board of Governors of the Federal Reserve System

Consumer Financial Protection Bureau

Federal Deposit Insurance Corporation

Financial Crimes Enforcement Network

National Credit Union Administration

Office of the Comptroller of the Currency

State Financial Regulators

Interagency Statement on Elder Financial Exploitation

Introduction

The Board of Governors of the Federal Reserve System (FRB), Consumer Financial

Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Financial Crimes

Enforcement Network (FinCEN), National Credit Union Administration (NCUA), Office

of the Comptroller of the Currency (OCC), and state financial regulators (collectively, “the

agencies”), are issuing this statement to provide institutions supervised by the agencies

(“supervised institutions”) examples of risk management and other practices that can be

effective in identifying, preventing, and responding to elder financial exploitation.

This statement does not replace previous guidance on this subject issued by any of the

agencies, does not interpret or establish a compliance standard, and does not impose new

regulatory requirements or establish new supervisory expectations. It is intended to raise

awareness and provide strategies to supervised institutions for combating elder financial

exploitation, consistent with applicable legal requirements.1

Background

Elder financial exploitation is the illegal use of an older adult’s funds or other resources

for the benefit of an unauthorized recipient.2 Elder financial exploitation can deprive older

adults of their life savings in whole or in part, devastate their financial security, and cause

other harm.

1. While this statement relates to elder financial exploitation, many of the risk management practices and

principles discussed herein may be helpful in preventing fraud more broadly.

2

es

for the benefit of an unauthorized recipient.2 Elder financial exploitation can deprive older

adults of their life savings in whole or in part, devastate their financial security, and cause

other harm.

1. While this statement relates to elder financial exploitation, many of the risk management practices and

principles discussed herein may be helpful in preventing fraud more broadly.

2. The Older Americans Act, as amended by the Elder Justice Act of 2009, defines elder financial exploitation

as “the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including

a caregiver or fiduciary, that uses the resources of an elder for monetary or personal benefit, profit, or gain,

or that results in depriving an elder of rightful access to, or use of, benefits, resources, belongings, or assets.”

42 U.S.C. § 1397j(8). FinCEN differentiates between two types of elder financial exploitation, stating, “Elder

theft involves the theft of an older adult’s assets, funds, or income by a trusted person. Elder scams involve

the transfer of money to a stranger or imposter for a promised benefit or good that the older adult did not

receive.” FinCEN, Financial Trend Analysis: Elder Financial Exploitation: Threat Pattern & Trend Information,

June 2022 to June 2023 3 (April 2024) [hereinafter FinCEN Trend Analysis].

2

A recent study estimates annual losses from U.S. older adults as a result of elder financial

exploitation at $28.3 billion.3 The U.S

imposter for a promised benefit or good that the older adult did not

receive.” FinCEN, Financial Trend Analysis: Elder Financial Exploitation: Threat Pattern & Trend Information,

June 2022 to June 2023 3 (April 2024) [hereinafter FinCEN Trend Analysis].

2

A recent study estimates annual losses from U.S. older adults as a result of elder financial

exploitation at $28.3 billion.3 The U.S. Department of the Treasury’s 2024 National Money

Laundering Risk Assessment described elder financial exploitation as a growing money

laundering threat, which has been linked to more than $3 billion in reported financial losses

annually.4 Furthermore, a FinCEN review of Bank Secrecy Act (BSA) report data found that

financial institutions filed 155,415 reports related to elder financial exploitation between June

15, 2022, and June 15, 2023, associated with more than $27 billion in reported suspicious

activity, which may include both actual and attempted transactions.5 In addition to financial

losses, elder financial exploitation can also result in increased operational, compliance, and

other risks for supervised institutions.6

Federal and state government agencies have raised awareness of elder financial exploitation

and worked to educate supervised institutions and consumers about prevention and

response strategies. In this statement, the agencies provide examples of risk management

and other practices that supervised institutions could consider adopting.7 Additionally,

Appendix A to this Statement provides a list of resources issued by federal and state agencies

on this topic.

Section 1

exploitation

and worked to educate supervised institutions and consumers about prevention and

response strategies. In this statement, the agencies provide examples of risk management

and other practices that supervised institutions could consider adopting.7 Additionally,

Appendix A to this Statement provides a list of resources issued by federal and state agencies

on this topic.

Section 1. Governance and Oversight

A number of laws and regulations related to consumer protection and safety and soundness

may be applicable to instances of elder financial exploitation.8 Consistent with such laws

and regulations, a supervised institution’s oversight strategies may include policies and

practices to better protect account holders and the supervised institution from the impacts of

elder financial exploitation.

Supervised institutions may consider enhancing or creating risk-based policies, internal

controls, employee codes of conduct, ongoing transaction monitoring practices, and

complaint processes to identify, measure, control, and mitigate elder financial exploitation,

3. Jilenne Gunther, AARP, The Scope of Elder Financial Exploitation: What It Costs Victims (June 2023).

4. U.S. Dep’t of Treasury, 2024 National Money Laundering Risk Assessment (Feb. 2024).

5. FinCEN Trend Analysis, supra note 2, at 1. As noted in the Analysis, this figure may be overstated because

it could include attempted or unpaid transactions, duplicates, both inbound and outbound transactions,

transfers between accounts, errors as submitted by filers, as well as reports of continuing suspicious activity

or amendments to earlier reporting that would include amounts from earlier reports.

6. A 2019 CFPB study of SARs found that filing institutions reported institutional losses in 9 percent of those

filings. CFPB, Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends 15 (Feb. 2019)

[hereinafter CFPB SARs 2019].

7

lers, as well as reports of continuing suspicious activity

or amendments to earlier reporting that would include amounts from earlier reports.

6. A 2019 CFPB study of SARs found that filing institutions reported institutional losses in 9 percent of those

filings. CFPB, Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends 15 (Feb. 2019)

[hereinafter CFPB SARs 2019].

7. Supervised institutions are expected to operate in a safe and sound manner and in compliance with

applicable laws and regulations, including those related to safety and soundness, consumer protection, and

anti-money laundering/countering the financing of terrorism (AML/CFT).

8. Examples include the Electronic Fund Transfer Act, the Expedited Funds Availability Act, the Fair Credit

Reporting Act, the Fair Debt Collection Practices Act, Section 5 of the FTC Act, the Dodd-Frank Wall Street Reform

and Consumer Protection Act, the Equal Credit Opportunity Act (ECOA), and the Bank Secrecy Act (BSA).

3

provided such policies do not result in age discrimination that is impermissible under the

Equal Credit Opportunity Act (ECOA).9

Effective actions aimed at guarding against elder financial exploitation include open lines

of communication among supervised institutions’ departments responsible for researching

and responding to unusual account activity, for example, across functions such as BSA

compliance, fraud prevention, and consumer protection, including fair lending. Compliance

with applicable privacy or other legal requirements is necessary to ensure that the

information of account holders remains confidential and secure.

Section 2. Employee Training

Supervised institutions may find it beneficial to provide clear, comprehensive, and recurring

training for their employees on recognizing and responding to elder financial exploitation.10

Well-trained employees can increase a supervised institution’s ability to detect and report

elder financial exploitation

ation of account holders remains confidential and secure.

Section 2. Employee Training

Supervised institutions may find it beneficial to provide clear, comprehensive, and recurring

training for their employees on recognizing and responding to elder financial exploitation.10

Well-trained employees can increase a supervised institution’s ability to detect and report

elder financial exploitation.

Employee training may include identifying red flags for different types of financial

exploitation, providing proactive approaches to detecting and preventing elder financial

exploitation, and detailing actions for employees to take when they have concerns. Customer-

facing employees may be trained to identify transactional and behavioral red flags when

conducting transactions for older adults, including via powers of attorney or other agents.11

Employees may also benefit from detailed escalation processes and written procedures that

promote timely action for events they are most likely to encounter in their roles.

Federal law provides that a financial institution and certain employees are not liable in any

civil or administrative proceeding for disclosing suspected elder financial exploitation to

covered agencies if the financial institution has timely trained its employees on identifying

elder financial exploitation.12

Section 3. Using Transaction Holds and Disbursement Delays

Supervised institutions have used transaction holds and disbursement delays to prevent

consumer losses and respond to various situations that may involve elder financial

9. 15 U.S.C. §§ 1691(a)(1), (b)(2)-(4). ECOA generally prohibits discrimination in any aspect of a credit

transaction on the basis of age, and its implementing regulation, Regulation B offers special protections to

those 62 or older. 12 C.F.R. Part 1002.2(o), 1002.6(b)(2); 12 C.F.R. Part 1002, Supp. I, Part 1002.6(b)(2)-1.

10

d to various situations that may involve elder financial

9. 15 U.S.C. §§ 1691(a)(1), (b)(2)-(4). ECOA generally prohibits discrimination in any aspect of a credit

transaction on the basis of age, and its implementing regulation, Regulation B offers special protections to

those 62 or older. 12 C.F.R. Part 1002.2(o), 1002.6(b)(2); 12 C.F.R. Part 1002, Supp. I, Part 1002.6(b)(2)-1.

10. CFPB’s 2016 Recommendations and report for financial institutions on preventing and responding to elder

financial exploitation identified promising practices to assist banks and credit unions with their voluntary

efforts to prevent elder financial abuse, including general principles for training staff.

11. FinCEN, FIN-2022-A002: Advisory on Elder Financial Exploitation (June 15, 2022) [hereinafter FinCEN 2022

Advisory].

12. 12 U.S.C. § 3423(a)(2)(B), commonly referred to as the Senior Safe Act.

4

exploitation. These practices should be used appropriately and in compliance with

applicable laws and regulations.13

Some state laws permit supervised institutions to temporarily hold a transaction or delay a

disbursement of funds when they suspect any type of financial exploitation, including elder

fraud.14 These statutes generally provide timelines for transaction holds, and some provide

immunity for institutions and employees who meet specific requirements.

Supervised institutions may benefit from establishing and implementing policies and

procedures based on applicable laws and regulations. It may be helpful for supervised

institutions to consider various factors, such as the account holder’s explanation of the

purpose of the transaction, the requirements to provide disclosures, and the prohibitions

against unfair, deceptive, or abusive acts or practices. Supervised institutions may also

consider procedures for older adult account holders and their designated representatives to

establish the legitimacy of a potentially suspicious transaction.

Section 4

such as the account holder’s explanation of the

purpose of the transaction, the requirements to provide disclosures, and the prohibitions

against unfair, deceptive, or abusive acts or practices. Supervised institutions may also

consider procedures for older adult account holders and their designated representatives to

establish the legitimacy of a potentially suspicious transaction.

Section 4. Using Trusted Contacts

Supervised institutions may establish policies and procedures that enable account holders

to designate one or more trusted contacts that employees can contact when elder financial

exploitation is suspected.15 For example, an account holder might identify one or more

family members, attorneys, accountants, or other trusted individuals and authorize the

supervised institution to contact them if the supervised institution cannot reach the account

holder or suspects that the account holder may be at risk of financial exploitation.16 Unless

separately authorized by the account holder, a third-party trusted contact typically would

not have authority to view account information or execute transactions.

If a supervised institution establishes a trusted contact designation process for account

holders, it may be beneficial to develop clear and effective procedures for when and how

to disclose to the account holder and trusted contact that one or more transactions have

indicated that elder financial exploitation may be occurring.17 Any disclosures to account

13. Bank regulators have taken enforcement actions related to restrictions on account access. See FRB, Order to

Cease and Desist 24-005-B-SM, In the Matter of Green Dot Bank (July 19, 2024); CFPB, Consent Order 2023-

CFPB-0019, In the Matter of U.S. Bank, N.A. (Dec. 19, 2023); OCC, Consent Order No. AA-ENF-2023-64, In the

Matter of U.S. Bank, N.A. (Dec. 19, 2023).

14. FTC, Financial Institution Transaction Holds (Oct. 2024). See also CFPB, Reporting of suspected elder financial

exploitation by financial institutions (July 2019)

-SM, In the Matter of Green Dot Bank (July 19, 2024); CFPB, Consent Order 2023-

CFPB-0019, In the Matter of U.S. Bank, N.A. (Dec. 19, 2023); OCC, Consent Order No. AA-ENF-2023-64, In the

Matter of U.S. Bank, N.A. (Dec. 19, 2023).

14. FTC, Financial Institution Transaction Holds (Oct. 2024). See also CFPB, Reporting of suspected elder financial

exploitation by financial institutions (July 2019).

15. CFPB, Financial institutions can help prevent elder financial exploitation with alerts to trusted contacts (Nov.

2021); see also CFPB, Choosing a trusted contact person can help you protect your money (Nov. 2021).

16. See FINRA, Investment Accounts: Brokerage Accounts: Trusted Contacts. The North American Securities

Administrators Association (NASAA), the Securities and Exchange Commission (SEC), and FINRA created a

training presentation about this topic. See FINRA, Is your financial firm asking you for a trusted contact?

17. Trusted contacts have been widely implemented by investment firms and broker-dealers, as required by

FINRA Rule 4512. See FINRA, Trusted Contact Persons: New for 2022: Regulatory Obligations and Related

Considerations (2022); FINRA, Frequently Asked Questions Regarding FINRA Rules Relating to Financial

Exploitation of Senior Investors.

5

holders or trusted contacts must comply with applicable privacy laws and legal prohibitions,

including the confidential nature of SARs.18

Section 5

INRA Rule 4512. See FINRA, Trusted Contact Persons: New for 2022: Regulatory Obligations and Related

Considerations (2022); FINRA, Frequently Asked Questions Regarding FINRA Rules Relating to Financial

Exploitation of Senior Investors.

5

holders or trusted contacts must comply with applicable privacy laws and legal prohibitions,

including the confidential nature of SARs.18

Section 5. Filing SARs Involving Suspected Elder Financial Exploitation

In certain circumstances, financial institutions are required under FinCEN’s, the NCUA’s,

and the federal banking agencies’ laws and regulations to file SARs related to suspicious

activity and suspected violations of law or regulation, which may include fraud and elder

financial exploitation.19 Additionally, supervised institutions can voluntarily file SARs for

suspicious activities related to elder financial exploitation that do not meet the requirements

for mandatory filing, such as those involving dollar amounts lower than the regulatory

threshold.20

Supervised institutions can consider how to detect and identify possible red flag indicators

of suspected elder financial exploitation, such as unusual behavior of an older adult

or their caregiver or an unexpected, large wire transfer out of an account from which

the account holder has no history of similar activity. FinCEN’s 2022 Advisory on Elder

Financial Exploitation provides examples of financial and behavioral red flags.21 Supervised

institutions can include any observed red flags of financial exploitation in the narrative

section of the SAR to describe the reasons why the activity is suspicious.22

FinCEN’s 2022 Advisory also requests that financial institutions mark the elder financial

exploitation checkbox (SAR Field 38(d)) and include “EFE FIN-2022-A002” in SAR Field 2

(Filing Institution Note to FinCEN) and in the narrative to indicate when elder financial

18. See, e.g., 31 U.S.C. 5318(g)(2); 31 CFR 1020.320(e).

19. See 12 C.F.R

the reasons why the activity is suspicious.22

FinCEN’s 2022 Advisory also requests that financial institutions mark the elder financial

exploitation checkbox (SAR Field 38(d)) and include “EFE FIN-2022-A002” in SAR Field 2

(Filing Institution Note to FinCEN) and in the narrative to indicate when elder financial

18. See, e.g., 31 U.S.C. 5318(g)(2); 31 CFR 1020.320(e).

19. See 12 C.F.R. Part 353; 12 CFR § 21.11; 12 CFR 163.180(d); and 12 CFR 748.1(d), issued under the authority

of the BSA and 12 U.S.C. 1818, 12 U.S.C. 1819, and 12 USC 1786(q). The BSA defines the term “financial

institution” for this purpose. 31 USC § 5312(a)(2). FinCEN maintains these reports and records in its BSA

database and makes them available to authorized users from law enforcement, intelligence, and regulatory

agencies. FinCEN provides such access consistent with the BSA, FinCEN’s implementing regulations, and

Memoranda of Understanding (MOU) that agencies enter into with FinCEN before accessing BSA data,

which set out safeguards for the access to and use of BSA reports. See 31 U.S.C. § 5318(g); 31 CFR §§ 1020.320,

1021.320, 1022.320, 1023.320, 1024.320, 1025.320, 1026.320, 1029.320, and 1030.320. “A financial institution is

required to file a SAR if it knows, suspects, or has reason to suspect a transaction conducted or attempted by,

at, or through the financial institution involves funds derived from illegal activity, or attempts to disguise

funds derived from illegal activity; is designed to evade regulations promulgated under the BSA; lacks a

business or apparent lawful purpose; or involves the use of the financial institution to facilitate criminal

activity, including EFE.” FinCEN 2022 Advisory, supra note 11, at 11.

20. “All statutorily defined financial institutions may voluntarily report suspicious transactions under the existing

suspicious activity reporting safe harbor.” Id. (citing 31 U.S.C. § 5318(g)(3)).

21

e BSA; lacks a

business or apparent lawful purpose; or involves the use of the financial institution to facilitate criminal

activity, including EFE.” FinCEN 2022 Advisory, supra note 11, at 11.

20. “All statutorily defined financial institutions may voluntarily report suspicious transactions under the existing

suspicious activity reporting safe harbor.” Id. (citing 31 U.S.C. § 5318(g)(3)).

21. FinCEN’s 2022 Advisory requests that financial institutions include all available information relating to the

account and locations involved in the reported activity, identifying information and descriptions of any

legal entities or arrangements involved and associated beneficial owners, and any information about related

persons or entities involved in the activity. FinCEN 2022 Advisory, supra note 11.

22. See id.; see also FinCEN, FIN-2011-A003: Advisory to Financial Institutions on Filing Suspicious Activity Reports

Regarding Elder Financial Exploitation (Feb. 22, 2011).

6

exploitation is suspected.23 This approach provides potentially useful information to law

enforcement and supports accurate elder financial exploitation SAR data analysis and

trend tracking.24

Supervised institutions are reminded of the confidential nature of SARs and the prohibition

on disclosing a SAR and any information that would reveal the existence of a SAR, except

in authorized circumstances.25 No financial institution and no current or former director,

officer, employee, or agent of a financial institution that reports a suspicious transaction,

may notify any person involved in the transaction that the transaction has been reported or

otherwise reveal any information that would reveal that the transaction has been reported.26

Section 6. Reporting to Law Enforcement, Adult Protective Services (APS), and/or Other

Entities, as Appropriate

Timely reporting of elder financial exploitation increases the likelihood of successful

recovery of funds

y any person involved in the transaction that the transaction has been reported or

otherwise reveal any information that would reveal that the transaction has been reported.26

Section 6. Reporting to Law Enforcement, Adult Protective Services (APS), and/or Other

Entities, as Appropriate

Timely reporting of elder financial exploitation increases the likelihood of successful

recovery of funds. In 2013, the CFPB, the Commodity Futures Trading Commission (CFTC),

FDIC, FRB, Federal Trade Commission (FTC), NCUA, OCC, and Securities and Exchange

Commission (SEC) issued joint guidance to confirm that the privacy provisions of the

Gramm-Leach-Bliley Act generally do not prevent financial institutions from reporting elder

financial exploitation to appropriate local, state, or federal agencies.27

Some state laws require certain supervised institutions to report suspected elder financial

exploitation to APS, local law enforcement, and/or regulatory authorities.28 In states without

mandatory reporting, there may be avenues for supervised institutions to voluntarily report

suspected elder financial exploitation to relevant state or local authorities. Voluntarily

notifying law enforcement directly of suspected elder financial exploitation and the

underlying facts may expedite and assist law enforcement investigation and prosecution.29

In addition to filing various reports, supervised institutions can consider establishing

procedures for referring individuals who may be victims of elder financial exploitation

to the U.S. Department of Justice (DOJ)’s National Elder Fraud Hotline (833-372-8311) for

assistance with reporting to the appropriate government agencies.30 Supervised institutions

may also consider informing older adults about the options for reporting elder financial

exploitation to local law enforcement, FTC, the FBI’s Internet Crime Complaint Center (IC3),

23. See id.

24. See id.; CFPB SARs Data Spotlight, supra note 21; CFPB SARs 2019, supra note 6.

25. 31 U.S.C. 5318(g)

26. 31 U.S.C

ith reporting to the appropriate government agencies.30 Supervised institutions

may also consider informing older adults about the options for reporting elder financial

exploitation to local law enforcement, FTC, the FBI’s Internet Crime Complaint Center (IC3),

23. See id.

24. See id.; CFPB SARs Data Spotlight, supra note 21; CFPB SARs 2019, supra note 6.

25. 31 U.S.C. 5318(g)

26. 31 U.S.C. 5318(g)(2)(A)(i); 31 C.F.R. § 1020.320(e)(1)(ii); 12 CFR § 21.11(k); 12 CFR 163.180(d)(12).

27. FRB, CFTC, CFPB, FDIC, FTC, NCUA, OCC, & SEC, Interagency guidance on privacy laws and reporting financial

abuse of older adults (Sep. 24, 2013).

28. Different states’ APS agencies may have varying organizational structures for responding to suspected abuse

of different age groups within the adult population. National Adult Protective Services Association, Get help:

Help in your area.

29. Supervised institutions are reminded that reporting suspicious activity to law enforcement does not relieve

the financial institution of the requirement to file a SAR with FinCEN. See 31 CFR § 1020.320(b)(3); 12 CFR §

21.11(d); 12 CFR 748.1(d)(2)(i);12 CFR 163.180(d)(5).

30. FinCEN, FinCEN Reminds Financial Institutions to Remain Vigilant to Elder Financial Exploitation

(June 14, 2024).

7

the U.S. Postal Inspection Service (USPIS), the Social Security Administration (SSA), or other

federal, state, or local agencies.31

Some agencies or programs may be able to help victims recover stolen funds. For example,

the IC3 Recovery Asset Team is a domestic program designed to “streamline communication

between financial institutions and assist FBI field offices with the freezing of funds for those

who made transfers to fraudulent accounts under false pretenses.”32 Another example is

FinCEN’s international Rapid Response Program that “helps victims and their financial

institutions recover funds stolen as the result of certain cyber-enabled financial crime

schemes, including business e-mail compromise.”33

Section 7

tutions and assist FBI field offices with the freezing of funds for those

who made transfers to fraudulent accounts under false pretenses.”32 Another example is

FinCEN’s international Rapid Response Program that “helps victims and their financial

institutions recover funds stolen as the result of certain cyber-enabled financial crime

schemes, including business e-mail compromise.”33

Section 7. Providing Financial Records to Appropriate Authorities

In addition to the reporting procedures discussed above, in some instances and consistent with

applicable law, supervised institutions may expedite documentation requests for APS, law

enforcement, or other investigatory agencies for active elder financial exploitation cases.34

For information on providing supporting documentation for financial records that are

associated with a SAR filing, please refer to FinCEN’s FAQs.35 “Supporting documentation”

refers to all documents or records that assisted a supervised institution in making the

determination that certain activity required a SAR filing.36

31. FinCEN, Fact Sheet on the Rapid Response Program (Feb. 11, 2022); FTC, Report to help fight fraud!; FBI, Internet Crime

Complaint Center (IC3); USPIS, Our investigation starts with your report; SSA Office of the Inspector General, Report

Fraud; CFTC, Submit a Tip; SEC, Report Suspected Securities Fraud or Wrongdoing.

32. Internet Crime Complaint Center, Federal Bureau of Investigation Internet Crime Report 2023 9 (2023).

33. See FinCEN, FinCEN’s Rapid Response Program Aids in Recovering More Than $1.1B Since Inception (Feb. 14, 2022);

FinCEN, FIN-2022-FCT1: Fact Sheet on the Rapid Response Program (RRP) (Feb. 11, 2022).

34. CFPB, Treasury, and FinCEN issued a joint memorandum to encourage coordination among financial

institutions, law enforcement, and APS agencies to protect older adults from elder financial exploitation

nCEN, FinCEN’s Rapid Response Program Aids in Recovering More Than $1.1B Since Inception (Feb. 14, 2022);

FinCEN, FIN-2022-FCT1: Fact Sheet on the Rapid Response Program (RRP) (Feb. 11, 2022).

34. CFPB, Treasury, and FinCEN issued a joint memorandum to encourage coordination among financial

institutions, law enforcement, and APS agencies to protect older adults from elder financial exploitation.

Treasury, FinCEN, & CFPB, Memorandum on financial institution and law enforcement efforts to combat elder

financial exploitation (Aug. 30, 2017).

35. Regarding SAR filings, supervised institutions should make all supporting documentation available to

FinCEN or any Federal, State, or local law enforcement agency, or any Federal regulatory authority that

examines the bank for compliance with the BSA or any State regulatory authority administering a State law

that requires the bank to comply with the BSA or otherwise authorizes the State authority to ensure that the

institution complies with the BSA, upon request. 31 C.F.R. § 1020.320(d); see also FinCEN, Suspicious Activity

Report Supporting Documentation: FIN-2007-G003 (June 13, 2007) [hereinafter FinCEN SAR supporting documentation];

FinCEN, Frequently Asked Questions Regarding the FinCEN Suspicious Activity Report (SAR).

36. FinCEN SAR supporting documentation, supra note 36, at 2.

8

Section 8. Engaging with Elder Fraud Prevention and Response Networks

Supervised institutions may also help protect older adults from financial exploitation by

engaging with elder fraud prevention and response networks that include professionals

from various agencies and organizations.37 These networks are often cross-disciplinary,

collaborative efforts to protect older adults from financial exploitation

Engaging with Elder Fraud Prevention and Response Networks

Supervised institutions may also help protect older adults from financial exploitation by

engaging with elder fraud prevention and response networks that include professionals

from various agencies and organizations.37 These networks are often cross-disciplinary,

collaborative efforts to protect older adults from financial exploitation.

These networks can help improve coordination among supervised institutions, law

enforcement, APS, local aging service providers, and other key partners.38 Networks can

also help supervised institutions engage in professional cross-training, multidisciplinary

case review and coordination, and community education efforts related to elder financial

exploitation.

Section 9. Consumer Outreach and Awareness

When consumers are informed about specific types of scams and understand perpetrators’

tactics, they are more likely to recognize a scam and are less likely to engage with a

perpetrator or lose money.39 Supervised institutions can support their account holders by

providing timely information about trending scams and ways to avoid them.40

Many federal, state, and local government agencies, as well as nonprofit organizations,

trade associations, and other groups, provide free educational resources for consumers

and caregivers about preventing elder financial exploitation. Supervised institutions are

encouraged to share free resources provided by government agencies with their account

holders or as part of community outreach and awareness efforts. See Appendix A below for

examples of these resources.

37. CFPB, Elder Fraud Prevention Network Development Guide.

38. Supervised institutions can consult DOJ’s Elder Justice Network Locator Map to find and join existing

networks or use the Administration for Community Living’s (ACL) Eldercare Locator tool to contact a local

APS agency or Area Agency on Aging for help identifying a network

for

examples of these resources.

37. CFPB, Elder Fraud Prevention Network Development Guide.

38. Supervised institutions can consult DOJ’s Elder Justice Network Locator Map to find and join existing

networks or use the Administration for Community Living’s (ACL) Eldercare Locator tool to contact a local

APS agency or Area Agency on Aging for help identifying a network. Additionally, supervised institutions

can use CFPB’s Network Development Guide to help their communities form a new network or grow an

existing network. DOJ, Elder Justice Network Locator Map; ACL, Eldercare Locator.

39. FINRA Foundation, Exposed to Scams: Can challenging consumers’ beliefs protect them from fraud? 26 (Sept. 2021).

40. The agencies offer publications which regularly spotlight fraud issues and educate older consumers about

how to prevent fraud. See, e.g., OCC, Financial Literacy Update: Third Quarter 2024. See also Acting Comptroller of the

Currency Michael J. Hsu, Remarks for the Financial Literacy and Education Commission’s Public Meeting: Banks’ Role in

Addressing Fraud Against Consumers (July 10, 2024).

9

Appendix A: Elder Financial Exploitation Resources from Government Agencies

Reports, Research, and Recommendations

• CFPB, Recovering from Elder Financial Exploitation: A framework for policy and research (2022)

• CFPB, Recommendations for Financial Institutions on Implementing Trusted Contacts (2021)

• CFPB, Suspicious Activity Reports on Elder Financial Exploitation: Issues & Trends (2019)

• CFPB, Reporting of Suspected Elder Financial Exploitation by Financial Institutions (2019) and

Recommendations and Report for Financial Institutions on Preventing and Responding to Elder

Financial Exploitation (2016)

• DOJ, Annual Report to Congress on Department of Justice Activities to Combat Elder Fraud and

Abuse (2023)

• Elder Justice Coordinating Council, Report to Congress (2018) – includes examples of elder fraud

prevention work by ACL, CFPB, Centers for Medicare & Medicaid

and

Recommendations and Report for Financial Institutions on Preventing and Responding to Elder

Financial Exploitation (2016)

• DOJ, Annual Report to Congress on Department of Justice Activities to Combat Elder Fraud and

Abuse (2023)

• Elder Justice Coordinating Council, Report to Congress (2018) – includes examples of elder fraud

prevention work by ACL, CFPB, Centers for Medicare & Medicaid Services (CMS), Corporation

for National and Community Service (CNCS), DOJ, FTC, SEC, SSA, Treasury, U.S. Department

of Health & Human Services (HHS), U.S. Department of Veterans Affairs (VA), and USPIS

• FBI, How We Can Help You: Elder Fraud

• Federal Reserve Bank of Chicago, Preventing Elder Financial Exploitation: Research, Policies,

and Strategies (2024)

• Federal Reserve Bank of Philadelphia, Combining Forces to Combat Elder Financial

Victimization: How Consumers Can Avoid the Financial Pitfalls of Cognitive Aging and What

They Should Be Asking Their Financial Institutions (2018)

• FinCEN, FinCEN Issues Analysis on Elder Financial Exploitation (2024) – includes list of

common scams in Appendix A

• FinCEN, Advisory on Elder Financial Exploitation (2022)

• FRB, Combating Elder Financial Abuse (consumercomplianceoutlook.org) (2017)

• FRB, CFTC, CFPB, FDIC, FTC, NCUA, OCC, and SEC: Interagency Guidance on Privacy Laws

and Reporting Financial Abuse of Older Adults (2013)

• FTC, Protecting Older Consumers 2022-2023, A Report of the Federal Trade Commission to

Congress (2023)

• FTC, Financial Institution Transaction Holds (2024)

• OCC, Comptroller’s Handbook: Retail Nondeposit Investment Products (2024)

• NCUA, Reporting Elder Abuse or Financial Exploitation: Letter to Credit Unions 13-

CU-08 (2013)

• NCUA, How Credit Unions Can Help Fight Elder Financial Exploitation

• NCUA, Webinar on Protecting Older Americans (2022)

• SEC, Elder Financial Exploitation: Why It is a Concern, What Regulators are Doing About it, and

Looking Ahead (2018)

andbook: Retail Nondeposit Investment Products (2024)

• NCUA, Reporting Elder Abuse or Financial Exploitation: Letter to Credit Unions 13-

CU-08 (2013)

• NCUA, How Credit Unions Can Help Fight Elder Financial Exploitation

• NCUA, Webinar on Protecting Older Americans (2022)

• SEC, Elder Financial Exploitation: Why It is a Concern, What Regulators are Doing About it, and

Looking Ahead (2018)

10

• Treasury, CFPB, and FinCEN: Memorandum on Financial Institution and Law Enforcement

Efforts to Combat Elder Financial Exploitation (2017)

• Treasury, National Money Laundering Risk Assessment, Elder Financial Exploitation (2024)

Federal Resources that Supervised Institutions May Use with Consumers

• CFPB and NCUA, Managing Someone Else’s Money – Power of Attorney

• CFPB and NCUA, Managing Someone Else’s Money – Court-appointed Guardians

• CFPB and NCUA, Managing Someone Else’s Money – Trustees

• CFPB and NCUA, Managing Someone Else’s Money – Representative Payees and VA Fiduciaries

• CFPB, Elder Abuse Resources

• CFPB, Elder Fraud Prevention Network Development Guide

• CFTC, CFPB, FDIC, FinCEN, FTC, U.S. Immigrations and Customs Enforcement (ICE):

Homeland Security Investigation (HSI), USPIS, and USAGov, Dating or Defrauding? Protect

Yourself Against Romance Scams With Help From the Government

• FDIC, Consumer News: Fraud Against the Elderly (2023)

• FDIC, Avoiding Scams and Scammers (2021), Beware, It’s a Scam! (2020)

• FDIC and CFPB, Money Smart for Older Adults

• FDIC, FDIC and CFPB Release Enhanced Version of Money Smart for Older Adults (2021)

• FTC, Pass it On

• FTC, Order Publications

• NCUA, Consumer Assistance Center on Preventing Elder Financial Abuse

• NCUA, Consumer Tips: Protect Your Money With a Trusted Contact (video)

• NCUA, Helping Seniors Protect Their Money (video)

• NCUA, Fraud Prevention Center

• NCUA, Avoid Fraud and Scams When Using Person-to-Person (P2P) Payment Apps

• SEC, Older Investors

Older Adults (2021)

• FTC, Pass it On

• FTC, Order Publications

• NCUA, Consumer Assistance Center on Preventing Elder Financial Abuse

• NCUA, Consumer Tips: Protect Your Money With a Trusted Contact (video)

• NCUA, Helping Seniors Protect Their Money (video)

• NCUA, Fraud Prevention Center

• NCUA, Avoid Fraud and Scams When Using Person-to-Person (P2P) Payment Apps

• SEC, Older Investors

11

State Resources that Supervised Institutions May Use

• California Department of Financial Protection and Innovation, Preventing and Reporting Elder

Financial Abuse

• District of Columbia Department of Insurance, Securities and Banking, Financial Empowerment

Resources for DC Seniors

• Idaho Department of Finance, Elder Financial Topics

• Kentucky Department of Financial Institutions, Senior Scam Jams

• Louisiana Office of Financial Institutions, State Financial Regulators Roundtable Guide to

Financial Services Issues for Senior Citizens

• Maine Council for Elder Abuse Prevention, Committed to Ending Elder Abuse in Maine

• Massachusetts Executive Office of Elder Affairs, Protecting Older Adults from Abuse

• Minnesota Commerce Department: Money and Banking, Senior Fraud

• New Hampshire Banking Department, Avoiding Scams and Fraud

• New Mexico Regulation & Licensing Department, Senior Citizens

• New York State Department of Financial Services, What is Elder Financial Exploitation?

• North Carolina Secretary of State, Attorney General, and Commissioner of Insurance, Scam Jam

Video

• Washington State Department of Financial Institutions, $10,000,000,000 Lost to Fraud in 2023.

Identify. Prevent. Report.