When Real-World Financial Fraud Meets the Classroom: Training Tomorrow’s Forensic Accountants to Combat Financial Crime & Elder Financial Exploitation

By Kenneth Hines 

This Spring, I’m excited to teach B ACCT 521 Forensic Accounting at the University of Washington Bothell—a course dedicated to equipping graduate students with the skills to detect, investigate, and prevent financial fraud. Forensic accounting is more than just numbers; it’s about uncovering the truth behind financial misconduct, evaluating intent, and protecting vulnerable populations, including elderly individuals increasingly targeted by financial exploitation.

The Great Wealth Transfer & Rising Fraud Risks Related to Elder Financial Exploitation and Key Component of the Course

With an estimated $84 trillion set to pass from older generations to heirs and charities over the coming decades, financial crime risks are escalating. As CNBC reports, criminals are aggressively targeting aging individuals with scams designed to siphon wealth before it reaches the next generation. This makes forensic accountants, financial institutions, and legal professionals more critical than ever in safeguarding assets and ensuring ethical wealth transitions.

The Growing Threat of Elder Financial Exploitation

Elder financial exploitation, as an example, is already a billion with a “B” crisis in the U.S., with an overwhelming majority of cases perpetrated by someone the victim knows—family members, caregivers, or trusted advisors. Between June 15, 2022, and June 15, 2023, the Financial Crimes Enforcement Network, US Treasury (FinCEN) reported that there were 155,415 Suspicious Activity Reports filed, flagging $27 billion in suspected fraudulent transactions. Financial institutions and forensic accountants must be proactive in identifying red flags, reporting suspicious activity, and preventing fraud before it escalates, and assets become unrecoverable.

A Hands-On Approach to Conducting Fraud Investigations

B ACCT 521 is designed to immerse students in the investigative process of forensic accounting. Through case studies, financial document analysis, and simulated fraud investigations, students develop the ability to:

• Identify and analyze suspicious financial activity using forensic techniques.

• Evaluate intent and evidence by scrutinizing transactions, emails, contracts, and bank records.

• Apply legal and ethical frameworks to determine the implications of fraudulent activities.

• Write a comprehensive forensic report that presents findings in a clear and structured manner.

• Deliver an evidence-based litigation presentation, simulating expert testimony in legal proceedings.

By the end of the course, students are prepared to assess real-world fraud risks, present their findings persuasively, and contribute to legal and financial crime prevention efforts.

Conclusion

The Great Wealth Transfer is reshaping financial landscapes, but it also creates new opportunities for fraud. Elder financial exploitation is a growing crisis, and forensic accountants must be at the forefront of detecting, preventing, and investigating financial crimes.

With B ACCT 521 at the University of Washington Bothell, we are preparing the next generation of forensic accountants to safeguard wealth, protect seniors, and ensure financial integrity. Through hands-on investigations, expert-led discussions, and simulated litigation exercises, students gain practical experience that equips them to combat financial crime in the real world.

As fraud risks increase, what more can be done to enhance fraud detection, strengthen oversight, and empower families?