Treasury's Crime Unit, Consumer Bureau Team Up on Senior Fraud Prevention

The U.S. Bureau of Consumer Financial Protection and the Treasury Department's Financial Crimes Enforcement Network will hold a June 7 webcast calling for coordination among financial institutions, law enforcement, and adult protective service agencies to protect seniors from financial abuse, reports ThinkAdvisor . To be discussed are issues that were part of a joint memorandum the organizations previously released, highlighting the value of suspicious activity reports and how they may aid law enforcement's probe of such fraud. "The illegal or improper use of an older person's funds, property, or assets" is the "most common form of senior abuse in the United States," asserts the memo. However, the statement notes only a small number of incidents are identified and reported. "Older Americans are attractive targets in part because of their assets and regular sources of income, increasing the need for effective interventions," says the memo. "Older people may also be particularly vulnerable due to factors such as isolation, cognitive decline, physical disability, health problems, and bereavement. Thus, their ability to protect themselves from individuals seeking to exploit them may be limited."