‘Seniors are increasingly being targeted by scammers’: What signs to look for

Today is World Elder Abuse Awareness Day.

Each year, seniors lose billions of dollars from financial exploitation perpetrated by friends, family, caregivers, financial professionals or strangers. The loss averages tens of thousands of dollars per victim.

The State Corporation Commission (SCC) encourages seniors, caregivers, financial professionals and all Virginians to be aware of the signs of elder financial abuse and to know how to report abuse.

“Seniors are increasingly being targeted by scammers,” Director of the State Corporation Commission’s Division of Securities and Retail Franchising (Division) Doug Joyce said. “Social isolation, a health crisis and increased reliance on the internet for many daily activities can make seniors increasingly vulnerable.”

Financial abuse of senior citizens can take many forms, but senior citizens should be aware of exploitation efforts involving the sale of investments, as well as attempts to access seniors’ investment accounts. Efforts can include online or telemarketing scams selling fraudulent investments or someone trying to gain control over a senior citizen’s investment accounts for their own personal gain. The most vulnerable seniors are seniors with disabilities, who rely on others for help or are socially isolated.

Scammers may target victims using personal details gleaned from obituaries and social media posts. They may exploit established relationships within a senior’s social and support groups to become more involved in their life.

Possible signs of senior financial abuse include:

• Surrendering passwords and control of finances to a new or overly protective friend or caregiver;
• Suspicious signatures on checks or other documents;
• Unusual activity in investment or bank accounts, including large, frequent or unexplained withdrawals or transfers between accounts;
• Unusual or sudden changes to beneficiary designations or to legal or financial documents involving investments, such as power of attorney, wills, trusts, retirement accounts or insurance policies, or documents which suddenly go missing;
• Unexplained financial activities, such as the disappearance or “gifting” of assets, valuables or securities;
• Fear of or sudden change in feelings toward friends or family members; and
• A lack of knowledge by a senior about their financial status or reluctance to discuss financial matters.

Joyce encourages Virginians who suspect they or a loved one are the victims of investment fraud or possible senior financial exploitation to contact the Division by telephone (in Richmond at 804-371-9051 or toll-free at 1-800-552-7945), or by email at [email protected]. Additional information is available on the Division’s website.