FinCEN reminds FIs to remain alert on elder financial exploitation 

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

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