DENVER (April 5, 2024) -- The Colorado Department of Regulatory Agencies (DORA) announced today that its Financial Engagement Unit, part of DORA’ Banking and Financial Services divisions, is collaborating with the Paul Freeman Financial Security Program (PFFSP) at the University of Denver’s Knoebel Institute for Healthy Aging on a new initiative aimed at combatting financial fraud and exploitation of older adults in Colorado.
A newly established Colorado Older Adults Financial Justice Coalition brings together local and state agencies from across disciplines in law and law enforcement; human and adult protective services; financial regulation and the financial services industry; along with elder advocacy groups in order to evaluate the complex issues related to financial fraud affecting older adults and to develop potential tangible solutions for prevention.
The Coalition underscores a commitment to fighting elder financial fraud and abuse from a multidisciplinary group of local stakeholders who are invested in prevention and intervention.
According to the Colorado Gerontological Society, more than 4,000 incidents of adult abuse, exploitation or neglect are reported each year in Colorado. Elder fraud and financial abuse remain on the rise across the country. A 2023 AARP report found that, on average, people over 60 lose $28.3 billion annually to financial frauds and scams. The Federal Trade Commission reported older adults are five times more vulnerable to falling for financial fraud compared to younger populations and tend to lose more dollars to those scams. Financial losses to older adults are harder to recover from and can ultimately cause detrimental and cascading effects on an individual’s mental and physical health.
The Colorado Older Adults Financial Justice Coalition is the outcome of a symposium hosted by the University of Denver in March 2023, which laid the groundwork for statewide efforts. The Coalition is headed by Dr. Eric Chess, PFFSP Director at the University of Denver, and is supported by the National Institute of Justice-funded National Center for State and Tribal Elder Justice Coalitions at Lifespan.
The Coalition’s inaugural meeting was held during National Financial Capability Month at DU on April 4, 2024.
The Division of Banking regulates state-chartered banks, trust companies, and money transmitters. The Division of Financial Services regulates state-chartered credit unions and savings and loan associations. The Divisions’ joint Financial Engagement Unit (FEU) was established to collaborate with local and national agencies focused on financial consumer protection, equity and access, and to help raise awareness about initiatives that support economic inclusion and work to strengthen the financial capabilities and resilience of Coloradans, including issues that affect underserved or highly financially vulnerable communities.
For questions or more information about the Financial Engagement Unit, email dora_dob_outreach@state.co.us.