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Financial Elder Abuse

Effective July 1, 2024, Connecticut is taking proactive steps against Financial Elder Abuse. In August 2023, Governor Ned Lamont signed into law Public Act 23-161, an act that encourages financial institutions to be watchful in identifying financial elder abuse cases. It permits banks and credit unions to suspend or hold transactions on an account for up to 45 days and be immune from liability that might otherwise come from denying immediate access to an accountholder’s money if the institution acted in good faith.

What is financial elder abuse? It occurs when someone illegally and improperly uses an elder’s – defined as a person 60 years or older – money or belongings for their own personal use. Situations where financial elder abuse occurs most often are with family, friends, staff members at nursing homes or assisted living facilities, and hired care givers. As the 65 and older population have grown rapidly since 2010, and with expectations this population will continue to increase to 72.1 million by 2030, it has become the fastest growing crime across the country. FinCEN conducted an analysis on elder financial exploitation using reports filed from June 15, 2022 to June 15, 2023. In a one-year period, there was $27 billion in suspicious activity.   

If you suspect a loved one or individual is the victim of financial elder abuse, take these steps to report it:

  • If you suspect a victim is in immediate danger, call 911 or speak to local police for help.
  • If you suspect a victim is not in immediate danger, call Protective Services for the Elderly at the Department of Social Services.
    • Toll-Free during business hours: 1-888-385-4225.
    • After business hours, weekends or state holidays, please call the Infoline at 2-1-1.
    • You can also fill out a Report Form (W-675) and fax it to 860-424-5091. Please note, telephone reports are preferred.