Protecting older Marylanders from financial exploitation | GUEST COMMENTARY

Financial abuse and exploitation of older adults is a vexing problem requiring increased public awareness. Every year, thousands of cases are reported in Maryland. According to the FBI’s Internet Crime Complaint Center (“IC3”), up to 5 million older Americans experience financial exploitation every year, but it is estimated that only one in 24 instances of abuse is reported.

Last year, Marylanders filed almost 2,000 complaints to the IC3. Moreover, the annual loss by older adult victims is estimated to be more than $3.4 billion nationwide and more than $72 million in Maryland alone. The average victim of older adult financial abuse loses approximately $33,915. What’s worse, every day, criminals become more sophisticated in their efforts to fleece seniors of their hard-earned money.

Unfortunately, financial exploitation of older adults is all around us and can take many forms. It occurs when a person misuses or takes the assets of an older adult to benefit themselves, depriving the victim of vital financial resources at a time when they may not be able to recoup their losses. Law enforcement is important but may not always result in restitution. So, we must find ways to intervene before a devastating loss. Providing families and caregivers with resources to recognize the signs of abuse and exploitation and know whom to contact in case of suspicious activity is key to preventing fraud.

Older adult justice is a key priority for the Maryland United States Attorney’s Office. Our office investigates and prosecutes financial scams targeting or disproportionately impacting older adults such as romance schemes, government imposter schemes, technical support schemes, grandparent schemes, lottery schemes, and investment schemes, among others. These schemes often span the globe and are perpetrated using sophisticated and emerging technologies. Because of this increasing complexity and our serious interest in fraud prevention and record of prosecuting major fraud cases, our office has become one of six Transnational Elder Fraud Strike Forces in the country.

Led by our strike force and Elder Justice Coordinators, we are committed to providing training and resources to law enforcement and first responders to identify and respond to abuse and exploitation of older adults. Our office also provides information to the community at large, including outreach on how to spot and avoid financial fraud schemes, distributing educational materials via Meals on Wheels, and joining with the American Association of Retired Persons (AARP) for tele-town hall events.

We must work together to protect older adults and their support systems and provide them with the tools needed to stop these scammers. This month, we’re asking you to join us in helping to protect older Marylanders from financial fraud and abuse.

Today, June 10, the PROTECT Week (Protecting Older Americans from Financial Exploitation) campaign kicks off. This annual campaign shines a spotlight on the catastrophic consequences of abuse against older adults for victims and families, and steps people can take to protect themselves from these schemes. PROTECT Week brings together older adults, their families, and support networks and provides opportunities to recognize the signs of financial abuse and know what steps to take if they suspect that they, their loved one, or their neighbor is at risk.

PROTECT Week is made possible by a collaboration of public and private partners who share a common goal of preventing and remedying financial exploitation of older Marylanders, including the Office of the U.S. Attorney for the District of Maryland, the Office of the Attorney General, the Office of the Comptroller, the Consumer Credit Counseling Service of Maryland, the Maryland Office of the Commissioner of Financial Regulation, AARP of Maryland, and consumer groups. The PROTECT Week website (states.aarp.org/maryland/protectweek) provides a free content hub of interviews, articles, and other resources.

If you or someone you know is targeted by a scam, call the U.S. Department of Justice National Elder Fraud Hotline at (833) 372-8311 (or 833-FRAUD11). For victims who lack the physical or mental capacity to provide for themselves, call Adult Protective Services at (800) 332-6347. AARP’s Fraud Watch Network can help you spot and avoid scams with its free “watchdog alerts,” scam-tracking map, and toll-free fraud helpline at (877) 908-3360.

Erek L. Barron (usamd.comments@usdoj.gov) is the United States attorney for the District of Maryland.