With the rise in financial elder abuse, states are expanding their efforts to stem the tide of this epidemic. Scammers are continuously inventing new ways to take advantage of unsuspecting adults. It is essential that lawmakers join families in addressing this scourge.
Reporting Suspected Financial Abuse to State Authorities
Legal changes have been slower than desired. However more states are jumping in to implement laws that are designed to protect against financial elder abuse. Two years ago, the North American Securities Administrators Association released a model rule that requires financial advisors to report suspicious activities.
If a financial advisor thinks that financial abuse is occurring, they are required by law to report the problems to the state authorities. In these situations, it is possible to halt disbursements from the seniors’ accounts. It also protects the parties from liability.
New Laws to Protect Seniors
In the past two years, 13 states have passed laws to match the model that was set. It is estimated that ten more states will follow suit this year.
Introducing these laws in state legislatures is important, especially since it is still unknown if action will be taken at a federal level. It is also critical that communities come together to increase protection of older family members and neighbors.
Protection at Home
It’s a welcome trend that more laws are being designed to protect seniors. Nevertheless, family members are the first line of defense. They must adopt a proactive stance to oversee the financial stability of their loved ones. If you have an elderly family member, you should be involved in monitoring such things as their financial transactions and bank statements. Only then can you detect early threats to their financial security.
Do you need assistance to learn more about financial scams targeting seniors? Email info@SeniorSafeAndSound.org or call 858-480-7551. Senior Safe and Sound.
This information is intended to inform the public at large about this important issue. It is not intended to serve as legal advice.