WASHINGTON—Increasing financial threats to elder Americans from both domestic and foreign actors can be seen in the recent increase in suspicious activity report (SAR) filings, according to an analysis of Bank Secrecy Act data over the last six years performed by the Financial Crimes Enforcement Network (FinCEN).
In conjunction with the report, the Department of Justice announced a two-month long national effort to end money mule activity, which it said resulted in stopping more than 600 domestic money mules and exceeding similar efforts made last year.
According to the report, the most common scams reported in the SARs were romance, emergency/person-in-need, and prize/lottery. The report also found that the yearly dollar amount of suspicious activity reported for elder financial exploitation also increased.
Reducing elder financial abuse continues to be a priority, the federal agencies said. Last year, the Department of Justice, CFPB, Federal Trade Commission and other agencies announced a new task force that will mainly focus on fraud against the elderly, servicemembers and veterans.
The CFPB's Office for Older Americans has released a consumer alert regarding scams against older consumers based off a report sent to members of Congress by the Federal Trade Commission. The report found that older consumers reported higher median dollar losses in 2018 than in 2017. The report also notes that older adults are more likely than younger consumers to lose money due to tech support, prize, and family and friend impersonation scams, NAFCU said.