According to a recent industry study, Americans ages 60 and up lost at least $2.9 billion to financial exploitation in 2010. From 2008 to 2010, the study showed a 12 percent increase in money scammed from seniors. This is a serious problem, and major organizations and agencies are taking notice. The Financial Crimes Enforcement Network (FinCEN) recently joined other federal, state, and local agencies and organizations in recognizing World Elder Abuse Awareness Day. FinCEN strongly supports efforts to increase awareness of elder abuse, especially elder financial exploitation. In addition to recognizing the World Elder Abuse Awareness Day, FinCEN previously issued an advisory to financial institutions to help spot and report activities involving elder financial exploitation. You can view the advisory by clicking here.
In addition to FinCEN, other organizations and agencies are also taking the issue of elder abuse very seriously. Congress gave the Consumer Financial Protection Bureau’s Office for Older Americans a broad mandate to look out for the consumer financial interests of older Americans. The Consumer Financial Protection Bureau (CFPB) is also supporting the World Elder Abuse Awareness Day by announcing a public inquiry to learn more about the many ways older Americans are financially exploited and the best practices for elder financial management. To help address this issue, CFPB is seeking comments from the public on senior finance issues. You can weigh in by submitting a comment by August 13, 2012. Click here for more information.
While FinCEN and CFPB can help fight this issue, protecting customers from elder financial exploitation and recognizing elder abuse starts in the offices of financial institutions. You can help tackle this issue by educating yourself and fellow employees of the red flags and preventative measures. One of the best ways to increase awareness among your staff members is education. TRC offers interactive, online training courses on Elder Financial Abuse that are informative and cost effective.
To learn more about TRC Interactive available courses, email us at info@trcinteractive.com or contact your TRC Interactive Sales Consultant at (800) 222-9909. We look forward to serving your needs.
The CFPB recently posted three final rules and one interim final rule that deal with the procedures and practices related to enforcing federal consumer financial law. These rules allow the agency to stay abreast of developments in consumer financial law, investigate possible violations of these laws, and bring actions to enforce these laws, helping the CFPB better serve their mission of protecting American consumers. 
