Older Americans Exploited to the Tune of Billions of Dollars, Federal Agencies Warn

Regulatory agencies urged institutions to increase account oversight and train employees to respond more quickly.

Regulatory agencies urged institutions, such as banks, to help older adults more effectively. Undated file photo. Dreamstime/TNS

Multiple regulatory agencies have urged American financial institutions to implement strict measures to ensure the protection of older adults in light of the increasing number of scams targeting the vulnerable population.

State and federal agencies, including the Financial Crimes Enforcement Network, the Consumer Financial Protection Bureau (CFPB), and the Federal Deposit Insurance Corp., said in a Dec. 4 joint statement that the financial exploitation of older Americans is estimated to cause annual losses exceeding $28 billion.