Financial Crime and Exploitation

Financial crime (also called financial abuse or exploitation, is a growing epidemic in the U.S.posing a threat to individuals and society. Although people of all ages are vulnerable, elders are often targeted by predators and experience greater losses than younger victims. Financial crimes and exploitation may be committed family members, acquaintances, predators, and professionals.

Reports

Sweepstakes, Lottery and Prize Scams. (2018, June).
Transnational Scam Predators and Older Adult Victims: Contributing Characteristics of Chronic Victims and Developing an Effective Response. (2018).
Recommendations and Report for Financial Institutions on Preventing and Responding to Elder Financial Exploitation. (2016). .
“Federal Government Has Taken Some Steps but Could Do More to Combat Elder Financial Exploitation” (2013, May) .
ELDER JUSTICE: National Strategy Needed to Effectively Combat Elder Financial Exploitation” (2012, November).

Legislation

Senior Safe Act. The Act provides immunity from prosecution for financial institution employees and financial institutions for disclosing suspected elder financial exploitation in some instances. It was signed into law on May 24th, 2018.
Criminal and Adult Protection Financial Exploitation Laws in the United States: How Do the Statutes Measure Up to Existing Research? Study analyzing the literature on financial exploitation and the laws of all fifty states to determine which states included proactive approaches to addressing financial abuse and identfiy states needing improvement. See: Hansen, K., Hampel, J., Reynolds, S., & Freeman, I. (2016). Criminal and Adult Protection Financial Exploitation Laws in the United States: How Do the Statutes Measure Up to Existing Research? Mitchell Hamline Law Review, 42(3). https://open.mitchellhamline.edu/mhlr/vol42/iss3/3

Resources

The Baker Report. Free,comprehensive weekly update on current national and international scams, trends, arrests, and convictions.
Consumer Sentinel. Federal Trade Commission.
Model Civil Provisions on Elder Financial Exploitation. National Center for Victims of Crime and the American Bar Association.
White Paper: Roundtable on Serving Victims of Elder Financial Exploitation National Center for Victims of Crime, 2014
National Guidelines to Implement the 2013 Federal Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults. Philadelphia Corporation for Aging and the National Adult Protective Services Association
Resource on Money Mules. Europol (includes a poster and flyer, available in six languages.
Pocket Guide on Elder Investment Fraud and Financial Exploitation. Baylor College of Medicine’s Texas Consortium for Geriatrics Education and Care
Senior Abuse Financial Tracking and Accounting (SAFTA) Toolkit. International Association of Chiefs of Police.
Memorandum on Financial Institution and Law Enforcement Efforts to Combat Elder Financial Exploitation. Consumer Financial Protection Bureau and other federal agencies.
Elder Financial Exploitation Guide for States.National Center on Law & Elder Rights (NCLER).
AARP Money/Fraud Watch Network
Federal Trade Commission-Consumer Information-Scam Alerts

Promising Practices

Sussex Victim Support Program. This program in Sussex England assigns Victim Support case workers in the Sussex Police to work with vulnerable victims who have been systematically targeted by criminals. Workers help victims with tasks like contacting creditors to take control of her finances and also to seek help through Citizens’ Advice.

‘It was like a drug addiction’... Widow’s warning after losing £100,000 in ‘romance fraud’

National Asian Pacific Center on Aging-Asian American and Pacific Islanders (AAPI) Financial Exploitation Series. These two fact sheets: (1) Identifying Financial Exploitation and (2) Planning to Protect Yourself from Financial Exploitation are available in English, Chinese, Vietnamese, Korean, Tagalog, and Samoan.

The San Francisco Veterans Benefits Protection Project (VBPR)
A coalition of organizations that fight pension poaching scams targeting older veterans led by the Institute on Aging's Senior Abuse Prevention Program with funding by the SF Department of Aging and Adult Services. The group produced a tool to detect scams in their early stages and identify trends (e.g., geographic areas where veterans are being targeted). They provide guidance in reporting scams to the appropriate law enforcement and regulatory agencies.

On CEJC's Website: