US federal regulatory agencies have issued a joint guidance to clarify that the privacy provisions of the Gramm-Leach-Bliley Act generally permit financial institutions to report suspected elder financial abuse to appropriate authorities. The guidance identifies older adults as attractive targets for financial exploitation  because they have retirement savings, accumulated home equity, or other assets. They also are more likely to experience cognitive decline, which can impair their capacity to recognize financial exploitation and scams.

Employees of financial institutions can play a key role in preventing and detecting elder financial exploitation by spotting irregular transactions, account activity, or behaviour that signals financial abuse.