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Reporting Elder Financial Abuse & Fraud

Find out what you can do if you spot elder financial abuse or fraud at your financial institution. Learn about reporting requirements, training resources, and suspicious activity reporting.

Elder financial abuse is the illegal or improper use of an elder’s money by a family member, friend, neighbor, acquaintance or stranger. Individuals over the age of 60 make up the largest growing segment of our population. This age group may be at risk for abuse, and are often targeted by dishonest people. One of the most devastating and unrecognized forms of abuse is financial abuse.

The Division of Banks (DOB) recommends your financial institution assign a person to report suspected elder financial abuse. By assigning one person responsible for reporting, your institution can reduce the chances of violating consumer confidentiality. The DOB also recommends your institution's front line staff receive training on how to spot elder financial abuse.

What would you like to do?

Top tasks

Download bank training for preventing elder financial abuse  Download credit union training for preventing elder financial abuse 

All other tasks

Preventing Elder Financial Exploitation: Employee Training Manual for Financial Institutions 

What you need to know

Signs of elder financial abuse  Ways to report elder financial abuse & fraud  M.G.L. Chapter 19A § 15  Executive Office of Elder Affairs (EOEA) reporting guidelines  FinCEN BSA E-Filing System  World Elder Abuse Awareness Day 2019 

Federal Trade Commission: Pass It On Campaign  AARP Elder Watch Program  Cooperative Credit Union Association Senior Safeguard  Reverse mortgage loan information  Resources for elders  Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults  Consumer guide to scams  Division of Occupational Licensure Pre-Need Planning 
Open PDF file, 403.05 KB,  Download the Executive Office of Elder Affairs Elder Abuse brochure (English, PDF 403.05 KB)
Open PDF file, 1.52 MB,  Preventing Elder Financial Exploitation: Employee Training Manual for Financial Institutions (English, PDF 1.52 MB)

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