It is a sad reality, but reality nonetheless: scammers love to target the elderly. Perhaps it is due to their trusting nature, presumably large savings account, or even their difficulty hearing over the phone that makes them vulnerable – but seniors account for roughly $2.6 billion in lost assets due to investment fraud each year. A truly shocking and pitiful statistic.
In light of this, Indiana has implemented a program known as the Elder Investment Fraud and Financial Exploitation Prevention Program, which is working diligently the prevent this costly form of fraud that is estimated to impact 1 in 5 senior citizens at some point in their lifetime.
Helping seniors spot investment fraud is one of the most important ways in which adult children can empower their parents to avoid scam artists, and the EIFFE highlights the following red flags indicating a possible scam:
Anyone experiencing elder financial exploitation should contact the Indiana Securities Commission at 1-800-223-7891 or Adult Protective Services at 1-800-992-6978.