Elder financial exploitation remains a critical concern. In its latest advisory, the Financial Crimes Enforcement Network (FinCEN) reported that financial institutions nationwide identified $27 billion in suspected elder financial exploitation. On average, banks and credit unions file 15,993 Suspicious Activity Reports (SARs) related to elder financial exploitation each month.
In Tennessee, the Tennessee Credit Union League has advocated for a direct reporting method for credit unions. As a result, the Tennessee Bureau of Investigation (TBI) has established a dedicated hotline for financial institutions to report suspected elder financial exploitation cases.
How to Report
Step 1: Report to Adult Protective Services (APS)
- Call 1-888-APS-TENN (1-888-277-8366)
- Tennessee is a mandatory reporting state—anyone aware of abuse, neglect, or exploitation of an elderly or vulnerable adult is legally required to report it.
Step 2: Contact the Tennessee Bureau of Investigation (TBI) Hotline
- Call the Elder Financial Abuse Hotline. Contact the League for the number.
What Happens Next?
Once a report is filed, a TBI Hotline Agent will provide the caller with a link to complete a specialized intake form with additional case details. After reviewing the case, the TBI may:
- Refer it to the appropriate district attorney’s office,
- Involve local law enforcement or
- Conduct an internal investigation.
By following this reporting process, financial institutions can play a crucial role in protecting elderly and vulnerable adults from financial exploitation.
