Protecting Seniors from Financial Exploitation: Reflections from World Elder Abuse Awareness Day

Key Takeaways:

• Adults over 60 lost $5 billion to financial fraud in 2024 – and only 1 in 44 cases is ever reported. This year’s WEAAD theme, Beyond Awareness: Making Elder Abuse Prevention Work, reflects the urgent need for a more coordinated and comprehensive response to this growing threat.
• When supporting scam victims, emotional recovery must be prioritized. For romance fraud survivors in particular, the relationship was real, and effective intervention requires empathy and patience.
• Coordinated action across the private and public sectors – financial institutions, APS, law enforcement, nonprofits, the executive branch, and policymakers – is essential, and there is growing momentum to growing shared commitment to prioritizing the protection of investors from fraud and financial exploitation.

Financial exploitation is one of the most pervasive and underreported threats facing older Americans today, and addressing it is a core priority of SIFMA and the financial services industry. World Elder Abuse Awareness Day (WEAAD), recognized each year on June 15 by the United Nations, brought that work into focus.

This year’s theme, Beyond Awareness: Making Elder Abuse Prevention Work, signifies that elder abuse remains widely under-recognized and under-reported. It takes many forms: physical, psychological, financial, and neglect. And as our population ages, the stakes grow higher.

Projections estimate that by 2030, adults aged 65 and over will make up approximately 20% of the U.S. population. According to the FBI’s 2024 Internet Crime Complaint Center report, people over the age of 60 suffered the most losses of any age group ($5 billion) and submitted the greatest number of complaints. Only an estimated 1 in 44 cases of elder financial abuse ever comes to the attention of authorities, indicating that the true scale of this crisis is far greater.

Recent developments reflect growing momentum across all branches of government to address these threats:

• Executive Order on Combating Cybercrime, Fraud, and Predatory Schemes Against American Citizens: In March, President Trump signed an executive orderdirecting federal agencies to combat cybercrime and fraud, including schemes carried out by transnational criminal organizations, through coordinated law enforcement action and international engagement. The EO also directs the Attorney General to submit a recommendation within 90 days on establishing a Victim Restoration Program to return funds clawed back, forfeited, or seized from criminal organizations directly to victims of cyber-enabled fraud.
• Senior Security Act: On March 11, Senators Andy Kim, Susan Collins, Kirsten Gillibrand, and David McCormick introduced the Senate version ( 4055) of this bipartisan legislation to create an interdivisional task force at the SEC focused on senior investors. The House version (H.R. 1469) was introduced in February 2025 and passed the full House by voice vote in July 2025.
• GUARD Act (Guarding Unprotected Aging Retirees from Deception): On April 21, Representatives Zachary Nunn, Josh Gottheimer, and Scott Fitzgerald introduced (R. 2978) to permit state, local, and Tribal law enforcement to use eligible federal grant funds for investigating elder financial fraud, pig butchering, and general financial fraud, and clarify that federal law enforcement may assist in the use of blockchain tracing tools. The bill now has 50 bipartisan cosponsors and was unanimously approved by the House Financial Services Committee in May. The Senate companion (S. 2544) was approved by the Judiciary Committee in February.

In my capacity as a member of the Committee Against Financial Exploitation (CAFÉ) — a National Adult Protective Services Association (NAPSA) committee dedicated to combating financial exploitation of older and vulnerable adults — I had the privilege of moderating a webinar in recognition of WEAAD on Supporting Clients Targeted by International Scams: Practical Steps for APS and Community Partners.

The WEAAD webinar brought together three exceptional practitioners – Ally Armeson, Executive Director of FightCybercrime.org; Jane Lee, Senior Attorney Advisor in the Money Laundering, Narcotics and Forfeiture Section at the Department of Justice; and Laurel Sykes, Executive Vice President and Chief Risk Officer at American Riviera Bank – for a discussion on how to best support clients targeted by international scams. Here were some highlights:

• The first steps to take when a scam is suspected: Addressing the emotional impact before the checklist is key. For romance scam victims, the relationship to the victim was real and grief must be acknowledged. Practical steps include contacting the financial institution, changing passwords, enabling multi-factor authentication, locking down credit, and securing social media accounts.
• The institutional response: Internal fraud distribution lists, escalation processes, and customized outreach to clients who resist intervention are essential tools. Having strong, collaborative relationships with law enforcement, APS, and community partners in place make a meaningful difference when a case arises.
• Swift coordination is key: In some states, mandatory reporting obligations to APS unlock the ability to share information in real time without a subpoena, removing a key barrier to coordinated action.
• Asset recovery and victim compensation: The Department of Justice has returned more than $13 billion to fraud victims since 2000 through restitution and remission. Thorough documentation and reporting to IC3 are critical steps advocates can take to support recovery.

Investor protection is the backbone of market integrity. Every investor, whether saving for retirement, purchasing a home, or investing for the future, deserves access to transparent markets, sound advice, and safeguards against fraud and abuse.  Along with our members, regulators, and policymakers, SIFMA continues to advance policies and practices that uphold the highest standards of integrity and strengthen investor confidence in the financial system.