Regulatory Alerts2022-06-15
Added · Updated
Advisory on Elder Financial Exploitation (FinCEN Advisory FIN-2022-A002)
The Financial Crimes Enforcement Network (FinCEN) issued this advisory to alert financial institutions to the rising trend of elder financial exploitation and to highlight new typologies and red flags. The document urges institutions to detect, prevent, and report suspicious activity by filing Suspicious Activity Reports (SARs) with specific markings for elder financial exploitation. It details common schemes such as elder theft by trusted persons and various scams including government imposter, romance, and tech support fraud, providing case studies and guidance on identifying these threats.
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