Michigan Attorney General Dana Nessel is reiterating her warnings about exploitation after an analysis from the Financial Crimes Enforcement Network (FinCEN) revealed financial institutions reported roughly $27 billion in suspicious activity related to elder financial exploitation during a one-year period from 2022 to 2023.
In its financial trend analysis (PDF), FinCEN identified two predominant categories of reported victimization: elder scams, where the victim does not know the perpetrator, and elder theft, where the victim knows the perpetrator.
“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,” Nessel said. “My office will continue holding those who take advantage of some of our most vulnerable accountable.”
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