The Consumer Financial Protection Bureau ("CFPB") reported that the number of Suspicious Activity Reports ("SARs") on elder financial exploitation ("EFE") significantly increased between 2013 and 2017.
According to the report, the number of SARs filings as to EFE reached 63,500 in 2017. The CFPB stated that this number represents only a "tiny fraction of the incidents of exploitation." The CFPB also indicated that less than one-third of the SARs filers reported potential exploitation to the authorities.
Much of the report reviews statistical data as to the content of the SARs filings regarding EFEs (e.g., information relating to the amount of money lost or the age of the victim). The final part of the report provides a number of suggestions for both law enforcement and financial institutions on how to detect or reduce elder financial exploitation. For example, the report recommends that financial institutions adopt "machine learning to obtain specific and timely information indicating fraudulent activity."
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