Proposal Presented for the Master Plan For Aging (#111)
Disclaimer
Throughout the MPA process, more than 100 proposals were developed thanks in particular to thousands of hours of work by external stakeholders and members of the public. These proposals and the MPA Council commentary are being submitted to the Governor and shared with policymakers and the public to inform policymaking. These proposals represent a starting point for discussion. Further discussion is necessary between relevant state agencies and stakeholders to both refine these proposals and assess which may be appropriate to adopt and implement.
Summary
Establish public awareness programs regarding best practices and resources for recouping losses from scams and fraud. This proposal includes recommendations for improving scam reimbursement, promoting utilization of fraud prevention software, and increasing the number of prosecutors dedicated to elder abuse and vulnerable adults.
Justification
Older adults and people with disabilities may be disproportionately likely to fall victim to fraud and scams resulting in financial loss. Awareness of existing scams, preventative mechanisms, and initiatives to increase reimbursement may effectively prevent and address scams.
Full Proposal
Victims of scams and other fraud are often unable to recoup losses and recover. Create public awareness programs about resources for recovering from scams and fraud:
- Develop awareness programs that are culturally responsive and address feelings of shame and hopelessness that may prevent victims from coming forward.
- Increase state funding to reimburse victims for financial losses that result from fraud and scams.
- Promote adoption of software like Fraud Finder for entities working with vulnerable adults.
- Increase the number dedicated elder abuse and vulnerable person prosecutors across the state.
- Expand funding and Victims of Crime Act (VOCA) funding for District Attorneys and EMDTs
- Promote multifactor authentication methods and safe password practices.
- Implement recommendations from the “2016 Cost of Financial Exploitation Study”:
- Conduct research on the fiscal impacts of financial exploitation in New York.
- Expand state date collection systems to include fields for reporting financial exploitation and associated costs.
- Expand training opportunities for Adult Protective Services (APS) workers, law enforcement, financial institutions and fiduciaries.
- Expand the use of E-MDTs.
- Expand monitoring services to catch fraud early.
MPA Council Commentary
Components 2, 4, 5, 7d and 7e are categorized as long-term. An assessment of costs and savings to the state would be needed. Components 1, 3, 6, 7a, and 7c are categorized as near-term. This proposal is closely related to proposal 112. A variety of state agencies, including the Office of Victim Services (OVS), NYSOFA, the Department of Financial Services, and others, could play a role in implementation efforts such as developing awareness programs and conducting further financial exploitation research. Component 7b is currently being implemented by OVS through the collection of detailed information regarding financial exploitation reporting. Efforts requiring significant research or development of materials may require additional resources that would be subject to the annual budget process and the availability of resources.