Elder financial abuse is on the rise with thousands falling victim each year and millions more vulnerable. According to an in-depth report by the Wall Street Journal, U.S. banks reported a record 24,454 suspected cases of elder financial abuse to the Treasury Department in 2018. That’s more than double the cases reported just five years ago.
Elder Financial Abuse on The Rise
It’s little wonder that elder financial abuse is on the rise, according to the American Bankers Association, people over 50 represent only one-third of the population but account for well over half of the bank accounts and 70% of bank deposits. Recently federal and state laws have been requiring banks to keep better tabs on elder financial abuse, but the chance for abuse is only growing: