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Supervision News Flash

November 2019

Combat the Rise in Elder Financial Exploitation

Elderly woman in wheelchair

As noted in our May 2019 News Flash, the Richmond Fed’s Enforcement and Legal Risk Unit reviews Suspicious Activity Report (SAR) data to follow trends and identify emerging risks. Since 2012, SARs filed for Elder Financial Exploitation (EFE) have risen dramatically in the Fifth District, with an increase of more than 8,000 percent through 2018. Most recently, our second quarter SAR review found 6 percent of all SARs filed for that quarter were EFE-related. Factors contributing to the increases could be related to greater awareness by banks of EFE scams and red flags, as well as improvements in bank detection systems.

Regardless of the reasons, our Fifth District financial community is doing a good job detecting EFE. Your efforts identifying and reporting these incidents to law enforcement are helping combat this increasing problem. Below we provide a couple of tips on enhancing your reporting efforts as well as resource links to aid you in this important work. Keep up the good work!

Provide Critical SAR Information

  • Some SARs we reviewed have the victim noted as the suspect. Take care when completing the SAR to differentiate between the victim and suspect.
  • Our SAR review also revealed that a fair number of EFE SARs are silent on whether law enforcement or Adult Protective Services (APS) were contacted. We encourage you to consider reporting these EFE situations directly to the appropriate agency in addition to filing the SAR.

Helpful Resources

If you are looking for additional resources related to EFE issues, or to build or enhance your EFE programs, here are a few links to get started:

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