Financial crimes against the elderly in the United States cost the victims at least $2.6 billion annually and that number is rising, says Elizabeth Loewy, the attorney in charge of the Elder Abuse Unit under Manhattan District Attorney Cyrus R. Vance, Jr.
Untimely suspicious activity report filings by banks and the temporary storage of IP addresses by service providers are among the factors that hamper federal investigations of financial fraud against the elderly, U.S. officials and industry representatives said Tuesday.