Financial Exploitation
On this website, financial exploitation refers to illegal or improper use of an older person's funds, property, or assets by a trusted person or entity. Please refer to Fraud for information on improper financial activity conducted by other individuals or entities.
Financial Crimes Enforcement Network Suspicious Activity Report
Source: PDF
Content Type: The SAR Activity Review—Trends, Tips & Issues is a product of continual dialogue and collaboration among the nation’s financial institutions, law enforcement officials and regulatory agencies to provide meaningful information about the preparation, use and value of Suspicious Activity Reports (SARs) and other FinCEN reports filed by financial institutions.
A consumer handbook on response to identity theft.
Source: FTC
Content Type: pdf
A consumer handbook on response to identity theft. Several states have used this to develop consumer self help websites for identity theft, examples can be found at
Idaho,
Kansas,
Maryland,
Minnesota,
South Carolina,
Texas, and
Washington.
BITS Round Table At Risk Adult Training
Source: Financial Services Round Table
Content Type: pdf
The Financial Services Round Table has developed a training curriculum for financial services providers on financial exploitation and fraud.
The program is available for training financial services staff and coverers community services, types of exploitation and fraud, how to spot them, and how to respond. In addition the materials include consumer education on financial literacy and protecting oneself from exploitation and fraud.
GAO report on Combating Elder Financial Exploitation
Source: GAO
Content Type: pdf
November 2012 report on GAO examination of issues and resources relating to financial exploitation of older Americans.
Flyer - The Cost of Stealing from Grandma
Source: Utah Division of Aging and Adult Services
Content Type: PDF
Sample one page flyer on the cost of financial exploitation. Excellent model for state specific flyers on financial exploitation.
A study of the cost of Financial Exploitation of seniors in Utah in 2010
Source: Utah Division of Aging and Adult Services
Content Type: PDF
Results of a groundbreaking study of the cost of financial exploitation. Out of the 80 cases reviewed, $7,704,729 was lost due to stealing seniors' assets. The loss to Medicaid could potentially be $884,464. The amount stolen from seniors that could be either a loss to the senior or a subsequent loss to financial institutions is $6,820,265.
The MetLife Study of Elder Financial Abuse 2011
Source: Met Life
Content Type: PDF
Elder financial abuse continues to decimate incomes both great and small, engenders health care inequities,
fractures families, reduces available health care options, and increases rates of mental health issues among elders. Elder
financial abuse invariably results in losses of human rights and dignity. Despite growing public awareness from a parade of
high-profile financial abuse victims, it remains underreported, under-recognized, and under-prosecuted.
Flyer- The Cost of Stealing from Grandma
Source: Utah Division of Aging and Adult Services
Content Type: PDF
Sample one page flyer on the cost of financial exploitation. Excellent model for state specific flyers on financial exploitation.
Ask the Consumer Financial Protection Bureau
Source: CFPB
Content Type: Interactive Q&A Website
Consumer Financial Protection Bureau Ask CFPB, is an interactive online tool that will help consumers find answers to their basic financial questions. Consumers often can't easily sift through all the information out there to find unbiased answers to their questions about financial products and services. We want to help them find information they can trust, so they can make better informed decisions. Ask CFPB lets consumers find answers by searching, or by navigating by category, like “Credit Card” or “Mortgage,” or topic, like “fees” or “closing.”
The MetLife Study of Elder Financial Abuse Crimes of Occasion, Desperation, and Predation Against America's Elders
Source: Met Life
Content Type: PDF report
The study is a follow-up of MetLife's 2009 "Broken Trust: Elders, Family, and Finances" and examines the prevalence and impact of elder financial abuse in America today. It demonstrates how these crimes continue to decimate incomes, impact the health and well-being of its victims, and fracture families. Yet it still is underreported, under-recognized, and under-prosecuted.
AARP Report on Protecting Older Investors: The Challenge of Diminished Capacity
Source: AARP Public Policy
Content Type: Report
Investors with diminished capacity are at risk for financial exploitation. Financial professionals must be equipped to respond appropriately when a client signals that he or she may lack the capacity to made financial decisions. This report shares original research findings about current financial services industry practices and protocols to address diminished capacity-and gaps in knowledge, training and strategies to protect older investors. It includes key recommendations for stakeholders and policy makers.
Crimes of Occasion, Desperation, and Predation Against America's Elders
Source: MetLife and NCPEA
Content Type: PDF study
Crimes of Occasion, Desperation, and Predation Against America's Elders The study is a follow-up of MetLife's 2009 “Broken Trust: Elders, Family, and Finances” and examines the prevalence and impact of elder financial abuse in America today. It demonstrates how these crimes continue to decimate incomes, impact the health and well-being of its victims, and fracture families. Yet it still is underreported, under-recognized, and under-prosecuted.
Treasury Department Notice of Red Flags for finacial exploitation
Source: United States Treasury Department
Content Type: Web page, advisory to financial institutions
The Financial Crimes Enforcement Network (FinCEN) is issuing this advisory to assist the financial industry in reporting instances of financial exploitation of the elderly, a form of elder abuse. Financial institutions can play a key role in addressing elder financial exploitation due to the nature of the client relationship. Often, financial institutions are quick to suspect elder financial exploitation based on bank personnel familiarity with their elderly customers. The valuable role financial institutions can play in alerting appropriate authorities to suspected elder financial exploitation has received increased attention at the state level; this focus is consistent with an upward trend at the federal level in Suspicious Activity Reports (SARs) describing instances of suspected elder financial exploitation. Analysis of SARs reporting elder financial exploitation can provide critical information about specific frauds and potential trends, and can highlight abuses perpetrated against the elderly.
Work at home scams [Español]
Source: National Center on Elder Abuse
Content Type: Brochure
This brochure advises consumers interested in work-at-home opportunities (including medical billing, envelope stuffing, and craft or assembly work) to research these offers carefully.
The role of Financial Institutions in Protecting the Elderly and Vulnerable from Financial Exploitation and Fraud
Source: BITS Financial Services Roundtable
Content Type: Research Report
This paper, Protecting the Elderly and Vulnerable from Financial Fraud and Exploitation, is designed to address special needs for which financial institutions are uniquely suited to assist. The paper provides information to support the implementation or improvement of a financial institution’s internal program for education and awareness about abuse of, and exploitation against, the elderly and vulnerable (vulnerable adults). For purposes of this paper, vulnerable adults includes those either over the age of 60–65, depending on the state, or disabled individuals over the age of 18. Often, vulnerable adults lack the physical or mental capability to care for themselves.
Power of Attorney Abuse: What States Can Do About It.
Source: American Association of Retired Persons Public Policy Institute and American Bar Association Commission on Law and Aging.
Content Type: Research Report
The report explores the problem of power of attorney abuse and how state legislatures can protect vulnerable adults and compares the abuse-related provisions of the new Uniform Power of Attorney Act with provisions in state power of attorney laws.
Financial Exploitation of the Elderly: An Update of the Literature
Source: National Center on Elder Abuse
Content Type: Bibliography
This bibliography includes resources that highlight multiple aspects of elder financial exploitation including exploitation perpetrated by professional predators, family members and acquaintances.