Florida Banking July 2024

DID YOU KNOW? DID YOU KNOW... that financial institutions reported roughly $27 billion in suspicious activity related to elder financial exploitation during a one-year period from 2022 to 2023? In its new financial trend analysis based on Bank Secrecy Reports, the Financial Crimes Enforcement Network (FinCEN) identified two predominant categories of reported victimization: elder scams, where the victim does not know the perpetrator, and elder theft, where the victim knows the perpetrator. Banks filed 72 percent of all elder exploitation-related BSA reports, with

elder scams accounting for 80 percent of all reported activity. The analysis revealed that most elder scam-related BSA filings referenced “account takeover” by a perpetrator unknown to the victim, that adult children were the most frequent elder theft-related perpetrators, and that illicit actors mostly relied on unsophisticated means that minimize direct contact with financial institution employees, such as guessing passwords. Originally published by ABA Banking Journal.

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Compliance Alliance

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First Horizon

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