A bipartisan proposal to combat elder financial abuse is getting attention in Congress.

The bill — the Financial Exploitation Prevention Act — would give the financial industry new ways to address suspected financial abuse of seniors or physically or mentally disabled individuals.

Older adults over age 60 lose an estimated $28.3 billion per year from criminal theft, according to a 2023 AARP report . Most of those losses — 72% — are perpetrated by someone they know, such as a family member, friend or caregiver, according to the report.

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