NDBF RECOGNIZES WORLD ELDER ABUSE AWARENESS DAY
WARNS OF DANGER SIGNS FOR SUSPECTED FINANCIAL ABUSE
June 14, 2019 (LINCOLN, NEB.) — In recognition of World Elder Abuse Awareness Day (WEAAD) on June 15, the Nebraska Department of Banking and Finance (NDBF) reminds financial professionals and the public throughout Nebraska to be on the lookout for elder financial abuse, including potential exploitation by family members or caretakers.
“Senior financial exploitation is a growing problem. Many in our elderly population are vulnerable due to social isolation and distance from family, caregiver, and other support networks,” Deputy Director Claire McHenry said. “Taking the time to understand the warning signs and the steps that can be taken to report financial abuse are key to helping those who cannot help themselves.”
The North American Securities Administrators Association (NASAA), of which NDBF is a member, has developed resources to help call attention to the red flags of fraud and suspected guardian financial abuse. For example, the “Guarding the Guardians” publication provides examples of exploitation and information on how to report suspected abuse.
Examples of suspected guardian abuse include:
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The guardian takes money from the protected individual’s investment portfolio to buy a flashy car for personal use.
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The guardian overcharges for a caregiving service, such as billing the estate hourly for wait time to file paperwork in person when it could have been submitted online.
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The guardian does not take the protected individual to medical appointments or purchase necessary medication.
The publication as well as other resources to help seniors are available on NASAA’s Serve Our Seniors website at serveourseniors.org/about/investors/. Other senior investor protection resources are available on the NDBF’s website at ndbf.nebraska.gov.
Financial and investment professionals also are encouraged to contact the agency to request a Senior$afe presentation on how to spot and report suspected senior financial exploitation.
Deputy Director McHenry asks anyone with suspicions of possible senior financial exploitation to contact the agency at 402-471-2171.
More information about the laws governing the securities industry in Nebraska can be found on NDBF’s website at ndbf.nebraska.gov. If you have questions about any investment matter, call NDBF’s Consumer Hotline toll free at (877) 471-3445 in Nebraska, or (402) 471-3445 if you are out of state.
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