The Financial Crimes Enforcement Network (FinCEN) reminds financial institutions (FIs) to remain vigilant in identifying and reporting suspicious activity related to elder financial exploitation (EFE).  

EFE-related losses affect personal savings, checking accounts, retirement savings, and investments, and can severely impact the well-being and financial security of victims. In addition to filing a Suspicious Activity Report, FinCEN recommends that FIs refer customers who may be victims of EFE to the Department of Justice’s National Elder Fraud Hotline at 833-FRAUD-11 or 833-372-8311 for assistance with reporting suspected fraud to the appropriate government agencies. 

Credit unions can access various resources to help combat EFE on FinCEN’s website.