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Michiganders Asked to Watch for Signs of Elder Financial Exploitation on World Elder Abuse Awareness Day

Senior man and adult daughter working on home finances

Source: kali9 / Getty

June 15, 2018 – In recognition of World Elder Abuse Awareness Day today, the Department of Licensing and Regulatory Affairs (LARA) Corporations, Securities, and Commercial Licensing Bureau (CSCL), spotlights the importance of safeguarding Michigan’s senior population by keeping a watchful eye for signs of elder financial exploitation and promptly reporting possible abuse to appropriate officials.

Elder financial abuse is rising due to more people aging and living longer, an increase in the amount of wealth seniors have accumulated throughout their careers and their increasing isolation.

“Many in our older population are vulnerable due to social isolation and distance from family, caregivers, and other support networks,” said CSCL Director Julia Dale. “The days of aging in communities surrounded by generations of family members are fading into the past. We need as many eyes and ears as possible listening and watching for signs of suspect elder financial exploitation.”

To help fight this problem, CSCL suggests watching for the following warning signs of suspicious behavior that may indicate potential elder financial exploitation:

·         Has an elder moved away from existing relationships and toward new associations with other “friends” or strangers?

·         Has a new person entered the elder’s life and shown an excessive interest in the elder’s finances or accounts?

·         Are you unable to speak directly with the elder despite repeated attempts at contact?

·         Does the elder display unexplained excitement over a financial windfall or prize check and reluctance to discuss details?

To report abuse, neglect or exploitation of vulnerable adults contact the Michigan Adult Protective Services centralized INTAKE HOTLINE at 1-855-444-3911, 24 hours a day/7days a week, or local authorities. You may also report abuse through the national Eldercare Locator at 800-677-1116. Securities or investment fraud should be reported to CSCL at 517-335-5237.

CSCL joins with the North American Securities Administrators Association (NASAA), of which the CSCL is a member, in fighting elder financial exploitation. 

NASAA is the oldest international organization devoted to investor protection. Its membership consists of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, the provinces and territories of Canada, and Mexico. For more information go to:www.nasaa.org.

For more information about LARA, please visit www.michigan.gov/lara.

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