The frequency of elder financial exploitation (EFE) is very high, with few resources available to aid those who have been victims. The Consumer Financial Protection Bureau (CFPB) has therefore released the first comprehensive report detailing how older adults recover from financial exploitation. This report also highlights ongoing policy and research to better understand why the fraud may happen and what is being done to limit its damage. The CFPB has found that financial recovery has four stages:
(1) identification that EFE has occurred
(2) reporting of suspected EFE to authorities
(3) investigation of suspected EFE
(4) return of funds to the victim.
(1) identification that EFE has occurred
(2) reporting of suspected EFE to authorities
(3) investigation of suspected EFE
(4) return of funds to the victim.
It is important to practice steps to avoid financial exploitation as well as know one’s rights for when it may happen.
To read the full report and gain resources against fraud protection click here:
https://www.consumerfinance.gov/data-research/research-reports/recovering-from-elder-financial-exploitation-framework-for-policy-and-research/
https://www.consumerfinance.gov/data-research/research-reports/recovering-from-elder-financial-exploitation-framework-for-policy-and-research/