Great Lakes Wire

Michigan Attorney General Dana Nessel has issued a stark warning against financial exploitation of seniors following a recent analysis by the Financial Crimes Enforcement Network (FinCEN). The analysis revealed that financial institutions reported approximately $27 billion in suspicious activity related to elder financial exploitation between 2022 and 2023.

In response to the concerning findings, Nessel emphasized the importance of protecting the elderly and vulnerable populations, stating, "While alarming, these findings reiterate the need for a group of experts like the Elder Abuse Task Force to ensure our elderly and vulnerable populations are protected from exploitation. My office will continue holding those who take advantage of some of our most vulnerable accountable."

Patty Corkery, President/CEO of the Michigan Credit Union League & Affiliates, highlighted the efforts of Michigan's credit unions in safeguarding their members, stating, "Michigan’s credit unions are working hard to ensure that our members are protected from predatory scams and abuse. We are proud to work hand-in-hand with law enforcement and the Office of the Attorney General to educate the vulnerable members we serve and to continue to train our teams to detect and report suspected criminal behavior affecting these targeted populations."

Rann Paynter, President and CEO of the Michigan Bankers Association, underscored the crucial role of banks in protecting vulnerable individuals from financial exploitation, saying, "Banks play a crucial role in safeguarding vulnerable individuals from financial exploitation, often without the victims even realizing they are being targeted. In light of FinCEN's findings, it's clear that banks are not merely financial entities; they are guardians of trust and security for their customers."

The Elder Abuse Task Force in Michigan, comprised of over 55 different organizations and more than 100 individuals across public, private, and nonprofit sectors, has been actively working to combat elder abuse since its establishment in 2019. Initiatives undertaken by the Task Force, such as the adoption of a Vulnerable Adult Incident Report form and the implementation of related trainings, have aimed to address and prevent elder financial exploitation.

With an estimated 100,000 older adults in Michigan falling victim to elder abuse, Nessel emphasized the importance of reporting suspected cases. Michigan residents are encouraged to seek elder abuse resources by calling 800-24-ABUSE (22873) or 855-444-3911 to report any instances of suspected elder abuse.