Consumer Watchdog Warns Against Senior Financial Abuse

The Consumer Financial Protection Bureau (CFPB) is prodding financial companies to report any suspected incidences of seniors being financially exploited, reports Pymnts.com . The agency says whistleblowers should file Suspicious Activity Reports with the government if they believe an older adult is being taken advantage of for their money. A CFPB report on senior financial exploitation found that the average loss for individuals older than age 70 is $41,800. Meanwhile, about 7 percent of the people in this demographic lose more than $100,000. "The CFPB is renewing efforts to alert banks and credit unions to senior financial exploitation as they are uniquely positioned to detect that an older account holder has been targeted or victimized, and to take action," said CFPB Director Kathy Kraninger.