Source: https://panamamedicalhub.com/guides/en/expat-scams-panama-field-guide/
Language: English
Source edition: 2026-10-11. Original source reviewed by the site owner: 2026-10-14. Reader editorial update: 2026-10-22; this does not imply a new owner review or medical/legal review. Source checks are dated separately.

## Key points and your next step

Explore reported patterns, professional verification, and questions to ask before sending money.

- Use this guide to prepare a conversation; confirm the requirements that apply to you.
- Figures and contacts in the source document are not current quotes or independent site verification.
- Record the date, who answered, and written confirmation before acting.

# Scams Targeting Expats in Panama: The Complete Field Guide

**Source’s stated verification: October 2026.**

This is the reference catalog: every major scam family documented in Panama, with the court cases, dollar amounts, and dates behind it — plus the official registries that neutralize most of them before you pay anyone a dollar. For consumer-protection mechanics (ACODECO filing, Ley 6 discounts) see our companion guide, "Scams & Consumer Protection in Panama."

---

## How big is the problem in 2026?

Record-level and still climbing. Between **January 1 and July 31, 2026, the Ministerio Público registered 3,970 fraud complaints — about 18 per day, up 14%** over the same 2025 period. The fastest-growing category is **computer-manipulation fraud (art. 226): +313% year-over-year** (46 → 190 cases). The MP estimates **~80% of fraud now arrives through digital platforms and phone calls**.

Geography matters: after Panamá province (2,296), the next two complaint provinces are **Panamá Oeste (526, +33%) — the Coronado beach corridor — and Chiriquí (351) — Boquete/David** — the country's two biggest expat-retiree clusters.

Penalties doubled in response. **Ley 524 of May 26, 2026** raised simple estafa to **3–6 years** (was 1–4) and aggravated estafa to **7–12 years** when the loss exceeds B/.100,000 or the perpetrator is a company officer — the classic "investment firm" fact pattern.

⚠️ **Read these numbers correctly:** they are *complaints*, not convictions. Panama publishes **no estafa-specific conviction rate** (a real data gap), mass operations report arrests rather than verdicts — and Panama has no victimization survey at all.

## What investment scams are documented in Panama?

**How it works:** a "firm" or "club" promises fixed returns on forex, crypto, mining, or real estate, recruits through expat networks, pays early withdrawals from new deposits, then freezes payouts. ⚠️ Every name below comes from a court record or official regulator alert — but alerts and indictments are *allegations* until a court convicts.

> **CASE FILE — Financial Pacific (2013–2026).** Four ex-executives of the collapsed brokerage were sentenced in 2025 to **96 months** for estafa agravada after inducing Belize's Caye International Bank to transfer **~US$12M** into an account "not regulated or authorized by the SMV"; confirmed **May 2026**. Even licensed-adjacent firms moved client money through unregulated accounts — and it took ~12 years from scandal to sentence.

> **CASE FILE — Richard Fifer / Gold Dragon (2006–2024).** The ex-governor of Coclé got **120 months** for selling mining-concession options he did not own for **>US$100,000**; captured **January 2024 crossing into Costa Rica at Paso Canoas on a US passport**.

> **CASE FILE — Cash FX Group (CFTC, September 2026).** The US CFTC alleges Cash FX ran a **$950M forex/crypto MLM Ponzi** ("trading packs," weekly returns); "CASH FX GROUP S.A." is on Panama's **SMV alert list**. Its predecessor **AirBit Club** had a Panamanian co-founder (Gutemberg Dos Santos, 12 years in SDNY) — and victim money came back only through **US DOJ forfeiture, not Panamanian proceedings**.

**Forex "trading academies":** the SMV's formal alert against **OmegaPro** (September 2022) preceded its collapse (~1.8M victims globally) by weeks. The SMV alert list carries the whole academy/MLM cluster recruiting in Panama — **IM Mastery Academy, I Markets Live, Day Trading Academy, Profit Team PTY** and dozens more — none licensed for securities or forex *from or into* Panama.

**Clone-firm spoofing — the newest category:** fraudsters now impersonate *licensed* Panama firms: the SMV list includes **"OLGA CANTILLO – LATINEX – SUPLANTACIÓN DE IDENTIDAD"** (posing as the regulated exchange and its president), a cloned "Private Investment Management Advisors Panamá," and a fictitious regulator, the **"Panama Securities Board."** Never verify through the website or phone the "advisor" gives you — use supervalores.gob.pa or **(507) 501-1700**.

**Guaranteed-return condos:** the canonical debacle is **Ibiza Playa Corona/Coronado** — buyers of $90–100K condo-hotel units promised rental income received checks "as small as $40"; the developer had mortgaged the common areas (pool, lobby) through a related company, and when it defaulted the bank seized 14 fincas, barring owners from their own pool.

**Crypto:** the **Marco Galbiati** case (fake crypto "club," hundreds of victims recruited at his Cerro Azul residence) ended with his arrest in Italy in February 2025 on Panama's extradition request. ⚠️ **No public confirmation of a completed extradition or trial as of October 2026 — treat the case as unresolved.**

## What property fraud is documented in Panama?

**Double sales:** the signature case is Brazilian broker **Alexander Ventura Nogueira**, who sold the same Loft One units to different buyers — Roger Khafif claimed **$812,000 across eight contracts** — and accumulated **14+ estafa proceedings**, one confirmed 5-year conviction (2014), and, per La Estrella (October 2026), residence in the Dominican Republic despite standing arrest orders. Lesson: serial fraud outlasts serial litigation.

**Forged escrituras reach the Registro Público — documented.** Dutch resident **Max Van Rijswijk** was sentenced (July 2020) to **48 months** for falsifying a corporate acta to seize and sell a partner's finca — yet kept promoting unbuilt "eco-resorts" to foreign pensioners through 2025 (a Belgian investor: "terminé perdiendo el dinero de mi pensión"). In **Herrera**, a man obtained **4 fincas worth $2.01M** through falsified public deeds (2018). And in **October 2026** prosecutors opened a probe into the irregular ANATI transfer of **~67 hectares (~$8M) in Penonomé** — land farmed for 30 years — to people who had arrived three months earlier.

**Pre-construction collapse:** the live mega-case is **Empresas Bern / Town Center Costa del Este** — the CEO cited for imputation on estafa agravada, a **B/.18.1M civil claim** attached, and a parallel **$77.7M arbitration award** still uncollected two years on (⚠️ ongoing; no conviction). At retail level, ACODECO logged **280 complaints against developers for B/.13.24M in Jan–Aug 2026**, refunds the #1 cause. The most decision-relevant number in Panama real estate: **~10–40% recovery in developer bankruptcy without a fideicomiso (trust) versus >80% — or late delivery with no loss — with one**. Fideicomiso or walk.

**Phantom listings:** the police cybercrime division officially warns each high season of non-existent beach rentals at "extremely low prices" with advance-payment demands. Never pay before visiting; verify the owner at the Registro Público.

**ROP misrepresentation:** derechos posesorios (unregistered State land) invite double sales precisely **because they are not in the Registro Público**; "easy to title later" is the classic hook. Default posture: **walk away**.

**Timeshare / vacation clubs:** the ATP received **638 denuncias for vacation-plan scams in 2025**; ACODECO's historical file tops **2,154 complaints / >$8.7M**. Verify any seller against the ATP's registered-agency list — most complaints trace to non-certified intermediaries.

## What immigration and legal fraud is documented?

**Fake lawyers:** in **June 2026** a Venezuelan national was jailed pending trial for posing as an immigration abogado — four open files, **>$7,000** taken. Verification is free: the Órgano Judicial's **idoneidad registry** (organojudicial.gob.pa — the tool Panama's own consulates tell applicants to use), the carné's QR code, and disciplinary history at the **Colegio Nacional de Abogados**. No idoneidad number = walk away.

**Gestor overcharging:** the **US Embassy warned (July 2024)** of people charging **up to $2,000** for US-visa "tramitación" — no tramitador is authorized, period. Panama's consulates likewise warn that no agency or gestor may sell visa appointments; only you or a credentialed lawyer may file. Anyone claiming "a contact inside Migración" is selling fraud.

**Document mills:** **Operación Credenciales (August–September 2026)** raided 21+ locations in four provinces and apprehended **23 people** for selling fake diplomas — the same machinery behind fake employment offers and licenses. Marriage-fraud precedent: the Tribunal Electoral **annulled 38 paper marriages** in 2004; residency bought through a simulated marriage is revocable — and exposes *you* to falsification charges.

## What banking and phone fraud is hitting expats?

**Post-merger phishing:** three of Panama's top-10 banks changed hands within seven months (Scotiabank→Davivienda, effective **December 5, 2025**; Multibank→BAC; Banistmo→BSC). Fraudsters rode the **December 2025 Davivienda integration** with fake "update your account" SMS/WhatsApp waves and cloned portals. Davivienda's verbatim guidance: *"Davivienda no lo llamará para cambiar su tarjeta… Si lo llaman para pedirle que transfiera su dinero a otra cuenta, termine la llamada."* Any bank "data update" message or call is fake — full stop.

**WhatsApp hijacking:** **Operación Deep Scam (June 2026)** arrested four people for hijacking accounts and begging the victim's contacts for transfers; police call it one of the country's most frequent scams, with some groups **run from inside prisons**. Entry vector: the 6-digit verification code ("I sent it by mistake") — never share it; set a two-step PIN. Local variants demand urgent **ACH/Yappy** transfers; the **"Yappy reversal"** scam (buyer pays, you see the credit, then a reversal follows) circulates in expat forums — ⚠️ anecdotal but recurring; deliver goods only against cleared funds. **SIM-swap** attacks are documented — set a SIM PIN with your carrier.

**Your rights if money leaves your account:** Panama has **no statutory zero-liability rule** — reimbursement is bank policy, and banks routinely treat phishing victims as negligent. The formal path: report **in writing immediately** (the bank has 30 days to answer), then a free **SBP complaint** — binding up to **B/.20,000**, now on the electronic **Acuerdo 9-2025** platform — plus a criminal denuncia. SBP: 506-7800 / 800-7897; WhatsApp 6787-8480.

## What personal and daily-life scams are documented?

**The grandparent scam — run from Panama:** the network that terrorized US seniors had its logistics hub here. **Stefano Zanetti**, a Canadian running a Panama watersports business as cover, directed couriers collecting fake "bail money" from elderly Americans' doorsteps; in **May 2026** he was sentenced to **188 months in US federal prison plus $780,870 restitution**. Lessons: Panama-based crews target North American grandparents — and extradition from Panama happens.

**AI voice cloning:** a Panama law-firm alert (August 2025) warns scammers clone relatives' voices from seconds of audio. **Defense: agree on a family safe-word today, never post it online, and hang up and call the relative on their known number.** Urgency + secrecy + money = scam.

**Airport and street:** Uber itself warns Tocumen riders **not to accept rides from solicitors inside the terminal** — match the plate in-app only. Casco Antiguo merchants warned (**March 2026**) of pickpocket teams where neither the SPI nor the National Police patrol; **Ley 460/2024** makes robbing a tourist an express aggravating circumstance.

**Trusted-insider financial abuse — the most underreported category:** in **Pacora (June 2026)**, a senior who asked a coworker for help setting up online banking lost **~$20,000** in transfers to the coworker's father's account; both were arrested. AARP finds **72% of elder financial exploitation is committed by someone the victim knows**. Rule: bank staff set up your banca en línea at the branch; never hand credentials to helpers.

**Stem-cell quackery:** Panama's national bioethics committee (peer-reviewed, July 2026) documented **six companies marketing unproven stem-cell "treatments" at $5,000–$50,000** — some geo-block Panamanian IPs to target foreigners. Only **four institutions are MINSA-authorized** (Instituto Oncológico Nacional, CSS Arnulfo Arias Madrid, Hospital del Niño, The Panama Clinic), and MINSA opened administrative files only in **August 2026**. Any other clinic selling "therapy" for chronic disease operates outside the authorized framework.

**Funeral overbilling:** one company — **Inversiones El Crepúsculo, S.A. — accounts for ~90% of all historical funeral complaints** (1,014 of 1,128). The trap: promoters at **bus and Metro stops** get signatures on "a survey" that is actually a binding funeral-plan contract. Never sign anything at a bus stop; complaints go to ACODECO.

## Which famous scams are NOT documented in Panama?

Honesty box — these circulate in expat lore, but our research found **no documented Panama case** as of October 2026. Treat as vigilance-not-verified:

- **Fake-police street shakedowns** — phone-based "police/fiscalía" impersonation is documented regionally; in-person fake-cop shakedowns are not. Real officers never demand money; ask for the carnet and call 104.
- **Scopolamine / "burundanga"** — the criminal economy is Colombian-documented; zero Panama cases found. Standard drink precautions remain prudent.
- **Lottery-ticket and gold-brick street cons (tocomocho)** — Spain-documented; Panama's documented analog is the phone/WhatsApp "premio" lure.
- **Prosecuted romance scams against expat residents** — none named in 2024–26 Panamanian press (victims report to home-country channels instead). The pattern is globally documented: never send money to a romantic interest you have not met.

## Who do I verify before paying anyone? (The master table)

Every registry below is official and free. **Absence from an alert list proves nothing — only presence on the *authorized* list counts.**

| Before paying… | Check… | What it proves | Where |
|---|---|---|---|
| Investment firm, broker, forex "advisor" | **SMV** authorized list + Alerta al Inversionista | Licensed in Panama; not flagged | supervalores.gob.pa; (507) 501-1700 |
| A bank | **SBP** "Entidades Supervisadas" | A supervised bank | superbancos.gob.pa |
| An insurance product | **SSRP** registry | Registered under Ley 12/2012 | superseguros.gob.pa |
| A "financiera" / lender | **MICI** Dirección de Empresas Financieras | MICI-regulated, **not** SBP | mici.gob.pa |
| Any business | **Panamá Emprende** Aviso de Operación | The company legally exists | panamaemprende.gob.pa |
| A lawyer | **OJ** idoneidad + carné QR; **CNA** discipline | CSJ-licensed; not sanctioned | organojudicial.gob.pa |
| A real-estate agent | **MICI Junta Técnica de Bienes Raíces** | Licensed + B/.10,000 bond | consultas.mici.gob.pa/consulta_jtbr |
| A developer's reputation | **ACODECO Tablero de Quejas** | Public complaint history | acodeco.gob.pa |
| A property | **Registro Público** certification + plano | Owner, liens; the plano prevails | registro-publico.gob.pa |
| A travel/vacation club | **ATP** registered-agency list | Certified to sell travel | atp.gob.pa |
| A US-connected advisor | **FINRA BrokerCheck** | US registration + complaint record | brokercheck.finra.org |

## I've been scammed — what do I do in the first 48 hours?

**Hours 0–24 — stop the bleeding:**

1. **Bank first.** Call the fraud line, freeze cards, and ask *explicitly* about recalling an ACH/Yappy transfer and blocking the receiving account. Same-day reports decide outcomes.
2. **Change credentials** (email → banking → social), kill unknown WhatsApp sessions, warn your contacts. Preserve screenshots, receipts, destination accounts — do not wipe the phone.
3. **US victims: file at IC3.gov immediately** — it accepts foreign-resident victims, and its **Kill Chain froze funds in 66% of eligible 2024 complaints** ($561.6M of $848.4M targeted). It only works fast.

**Days 1–7 — report everywhere that counts:**

4. **DIJ 314-1048** (cyber/fraud intake) or the nearest fiscalía (**505-3256**) — file the denuncia with your evidence bundle; get an acuse de recibo. In tourist zones, also the Policía de Turismo (511-9260).
5. **ACODECO** if a Panamanian *business* is involved — free, no lawyer needed up to $5,000 ($30,000 for vehicles). All-time record: **46,002 complaints resolved for consumers, >B/.480 million**; real estate is the biggest category (7,143 claims / B/.379.6M), funerals the smallest. ⚠️ Agency self-reports — "resolved in favor" includes withdrawals, not just adjudicated refunds.
6. **Your embassy** (US: Panama-ACS@state.gov, 317-5000) — it cannot investigate or pay bills, but it tracks crimes against citizens and provides lawyer lists.

**Weeks 2–4 — work the process:** retain a Panamanian abogado to convert the denuncia into a **querella**, making you a formal party, and attach the civil claim — **art. 1969 Código Judicial: every crime generates a civil action for restitution and damages**. Expectations: investigations take 2–4 months, prosecutions years; the highest-probability recoveries, in order, are the 24–72-hour bank recall, card chargebacks, ACODECO conciliation, and — in cross-border cases — home-country restitution (cf. Zanetti's $780,870).

**⚠️ The recovery-scam warning:** anyone who contacts you afterward offering to "recover your money" for an upfront fee is the **second act of the same play** — including fake "IC3 agents" (FBI-documented). Only police, prosecutors, your bank, ACODECO, and your retained lawyer are legitimate.

## Why don't seniors report — and what can families say?

The shame dynamic is measurable: AARP/FINRA's *Blame and Shame* research found **85% of people believe fraud can happen to anyone, yet 53% also blame victims**. That double standard is why seniors stay silent — and silence keeps the same crews operating. The harm is rarely just money: **about two-thirds of fraud victims suffer serious non-financial harm** — severe stress (50%), anxiety (44%), sleep disruption (38%), depression (35%).

**Language that works:** say *"This was a crime. These criminals are professional manipulators. It is not your fault, and reporting it protects the next person."* Never "how could you fall for that."

**Hotlines that answer (free):** US DOJ National Elder Fraud Hotline **833-FRAUD-11 (833-372-8311)**; AARP Fraud Watch Network **877-908-3360** (Spanish available); FINRA Helpline for Seniors **844-574-3577**; US crisis line **988** (works online from abroad).

## The 15-rule checklist (print this)

1. **Guaranteed or fixed returns = fraud.** No legitimate investment promises them.
2. **Verify the license yourself** — SMV, SBP, SSRP, JTBR — never through a link the seller sends.
3. **Not on the authorized list = not authorized.** Absence from the alert list proves nothing.
4. **No lawyer without an idoneidad number** (organojudicial.gob.pa). No gestores, ever.
5. **Your lawyer, your escrow.** Never the seller's attorney; never deposits in cash or crypto.
6. **Titled property only** — fresh Registro Público certification + certified plano. Walk away from ROP.
7. **Pre-construction: fideicomiso or walk** — the difference between >80% and 10–40% recovery.
8. **Check the developer on ACODECO's Tablero de Quejas** before any reservation payment.
9. **Never pay for anything you haven't seen** — rentals, land, "investments."
10. **Banks, ACODECO, and embassies never message you first** asking for data, codes, or transfers. Hang up; call the official number.
11. **Never share the 6-digit code.** Set a WhatsApp two-step PIN and a SIM PIN today.
12. **Family safe-word** for any "relative" emergency call — then hang up and call their real number.
13. **Urgency + secrecy + payment to a personal account = scam.** Every time.
14. **A "recovery agent" offering your money back for a fee is the second scam.**
15. **Report it.** Silence is the scammer's business model — the querella plus the 48-hour bank recall are how money actually comes back.

## Sources

- TVN-2, MP fraud statistics Jan–Jul 2026 — https://www.tvn-2.com/nacionales/panama-registra-promedio-18-estafas-fraudes-informaticos_1_2258201.html — 2026-08-28
- Infobae Panamá, computer fraud +313% — https://www.infobae.com/panama/2026/08/20/los-fraudes-informaticos-se-disparan-en-panama-los-casos-aumentaron-313-en-un-ano/ — 2026-08-20
- Gaceta Oficial, Ley 524 de 2026 (full text) — http://gacetas.procuraduria-admon.gob.pa/67501_20260527143803.pdf — 2026-05-26
- La Prensa, 80% digital fraud / prison-run groups — https://www.prensa.com/judiciales/estafas-en-panama-del-hackeo-de-whatsapp-a-la-venta-ficticia-de-autos/ — 2025-04-14
- TVN-2, Financial Pacific 96-month sentences — https://www.tvn-2.com/nacionales/judicial/exdirectivos-financial-pacific-son-condenados-prision-estafa-agravada_1_2191447.html — 2025-05-27; Órgano Judicial confirmation — 2026-05-19
- Panamá América, Fifer 120 months — https://www.panamaamerica.com.pa/judicial/condenan-richard-fifer-120-meses-de-prision-1197991 — 2021-11-28; CRHoy capture — 2024-01-07
- InvestmentNews, CFTC v. Cash FX Group — https://www.investmentnews.com/regulation-legal-compliance/never-a-losing-day-cftc-alleges-950-million-forex-ponzi-scheme/268363 — 2026-09-25
- The Register, AirBit Club sentencing — https://www.theregister.com/2023/09/27/crypto_ponzi_airbit_operator_jailed/ — 2023-09-27
- SMV, Alerta al Inversionista registry (incl. OmegaPro comunicado, Latinex/Cantillo spoof) — https://supervalores.gob.pa/alerta-al-inversionista/ — accessed Oct 2026
- La Estrella, Ventura Nogueira located in Dominican Republic — https://www.laestrella.com.pa/panama/nacional/ventura-nogueira-republica-dominicana-PMLE140924 — 2026-10-03
- Revista Concolón/Divergentes, Van Rijswijk land-fraud investigation — https://revistaconcolon.com/poder-y-corrupcion/panama-en-venta-tierras-disponibles-para-el-mejor-especulador/ — 2024-10-11
- TVN-2, Herrera forged escrituras ($2.01M / 4 fincas) — https://www.tvn-2.com/nacionales/detencion-provisional-hombre-apropio-fincas_1_1340232.html — 2018-09-12
- La Estrella, ANATI Penonomé probe (~$8M) — https://www.laestrella.com.pa/panama/politica/anati-penal-tierras-traspaso-investigacion-BSLE76740 — 2026-10-02
- La Prensa, Empresas Bern–Town Center proceedings — https://www.prensa.com/judiciales/fiscalia-solicita-imputar-a-herman-bern-y-sus-hijos-por-el-caso-de-costa-del-este-town-center/ — 2026-09-17
- La Estrella, ACODECO developer complaints 2026 — https://www.laestrella.com.pa/economia/reclamos-contra-inmobiliarias-ante-la-acodeco-superan-los-106-millones-en-siete-meses-BA25253277 — 2026-08-29
- PanamaProp, pre-construction recovery rates / fideicomiso — https://www.panamaprop.com/blog/que-pasa-si-promotora-quiebra-preventa-panama-2026 — 2026-05-02
- Policía Nacional, phantom-rental warning — http://www.policia.gob.pa/27303-verano-sin-estafas-polica-brinda-recomendaciones-para-prevenir-engaos-en-el-alquiler-de-inmuebles.html — 2025-01-14
- Telemetro, ATP 638 vacation-plan denuncias — https://www.telemetro.com/entrevistas/nacionales/unas-638-denuncias-fueron-presentadas-2025-estafas-planes-vacacionales-n6076866 — 2026-04-22
- La Prensa, Ibiza Playa Corona/Coronado rental-pool collapse — https://www.prensa.com/impresa/economia/Caja-Ahorros-secuestro-hotelero_0_4206329373.html — 2015-05-11
- TVN-2, fake immigration lawyer detained — https://www.tvn-2.com/nacionales/detencion-provisional-falso-abogado-venezolano-tramites-migratorios-ministerio-publico_1_2246607.html — 2026-06-17
- US Embassy Panama, visa "tramitación" scam warning — https://pa.usembassy.gov/es/toma-control-de-tu-perfil-la-embajada-de-ee-uu-en-panama-advierte-sobre-posibles-estafas/ — 2024-07-16
- Infobae Panamá, Operación Credenciales — https://www.infobae.com/panama/2026/09/01/caso-de-diplomas-falsos-deja-12-detenidos-y-13-bajo-arresto-domiciliario-en-panama/ — 2026-09-01
- Panamá América, 38 fraudulent marriages annulled — https://www.panamaamerica.com.pa/content/tribunal-electoral-anula-38-bodas-fraudulentas — 2004-01-24
- El Espectador, Davivienda–Scotiabank integration phishing — https://www.elespectador.com/economia/finanzas-personales/alerta-por-intentos-de-estafa-tras-integracion-entre-davivienda-y-scotiabank-noticias-colombia/ — 2025-12-01
- TVN-2, Operación Deep Scam — https://www.tvn-2.com/nacionales/hackeo-pacora-whatsapp-bella-vista-aprehendidas-hombre-mujeres_1_2245554.html — 2026-06-11
- SBP, complaint procedure / Acuerdo 9-2025 — https://www.superbancos.gob.pa/sac/reclamos — accessed Oct 2026
- US DOJ W.D. Pa., Zanetti grandparent-scam sentencing — https://www.justice.gov/usao-wdpa/pr/canadian-man-sentenced-more-15-and-half-years-prison-lead-role-multi-million-dollar — 2026-05-05
- TVN-2, Casco Antiguo pickpocket alert — https://www.tvn-2.com/nacionales/comerciantes-casco-antiguo-alertan-hurtos_1_2231221.html — 2026-03-11
- TVN-2, Pacora online-banking elder fraud — https://www.tvn-2.com/nacionales/padre-e-hija-aprehendidos-estafa-adulto-mayor-banca-en-linea-prestamo-20-mil-dolares-pacora_1_2244226.html — 2026-06-04
- AARP Public Policy Institute, scope of elder financial exploitation — https://www.aarp.org/pri/topics/work-finances-retirement/fraud-consumer-protection/scope-elder-financial-exploitation/ — 2023-06-27
- Stem Cell Reports / La Prensa, unproven stem-cell clinics and MINSA action — https://www.prensa.com/sociedad/minsa-abre-investigacion-a-locales-que-ofrecen-tratamientos-con-celulas-madre/ — 2026-08-31
- La Estrella, ACODECO funeral complaints / El Crepúsculo — https://www.laestrella.com.pa/economia/cuidado-con-lo-que-firma-acodeco-advierte-sobre-trampas-en-planes-funerarios-HC24404571 — 2026-07-27
- FINRA Foundation, "Blame and Shame in the Context of Financial Fraud" — https://www.finrafoundation.org/sites/finrafoundation/files/Blame-and-Shame-in-the-Context-of-Financial-Fraud.pdf — 2022
- FBI IC3, 2024 Annual Report (Kill Chain freeze rate) — https://www.ic3.gov/AnnualReport/Reports/2024_IC3Report.pdf — 2025

### Official links to confirm details

These links supplement the original references; they do not independently verify every statement in the source document.

- [SUME 911](https://www.sume911.pa/)
- [SINAPROC](https://www.sinaproc.gob.pa/)
- [ACODECO](https://www.acodeco.gob.pa/)