Elder Financial Exploitation (EFE) – Updated Fincen Guidance

Date Recorded: January 14, 2025
Presenter: Mark Dever, AAP, CAMS, Director, Forvis Mazars, LLP

On April 18,2024, FinCEN issued a Financial Trend Analysis (FTA) on “Elder Financial Exploitation: Threat Pattern and Trend Information”, alerting financial institutions to the rising trend of EFE targeting older adults, and to highlight new EFE typologies and red flags since the updated EFE Advisory in 2022. According to the U.S. Department of Justice, elder abuse which includes EFE among other forms of abuse, affects at least 10% of older adults each year in the United States, with millions of older adults losing more that $3 billion to financial fraud annually. The number of SARs filed in 2023 reporting EFE were 53% greater than those filed in 2022. This two-hour webinar will review the Financial Trends Analysis, the updated Advisory, as well as discuss other government tools to assist our elderly clients avoid becoming victims of EFE.

Here’s What You Will Learn:

• Review the significant findings from the FTA;
• Discuss the newly identified trends and typologies;
• Identify the updated behavioral and financial “red flags” of EFE;
• Highlight the SAR and other relevant reporting requirements and options;
• Discuss the CFPB’s focus and tools on EFE; and
• Allow time for questions from participants.

With EFE SAR filings rising exponentially, and the age of our clients also rising, EFE remains a growing concern. This two-hour webinar from ProBank Education Services will not only provide the compliance and retail staffs with a current update on the issue of EFE, but it will also discuss other ways in which we can assist our elderly clients.