Be on the lookout for elder financial abuse, says the North Dakota Securities Department

Bismarck, North Dakota – The North Dakota Securities Department wants to remind the public that even after World Elder Abuse Awareness Day on June 15, they should continue to watch out for clues that their senior friends or family members may be being exploited financially.

While frauds and exploitations affect a wide range of people, older adults are disproportionately affected. To help safeguard elders against people attempting to steal their money or personal information, a number of things can be done.

One of these, and possibly the most crucial, is having a reliable family member contact handle the finances, as underlined by the Securities Department.

In all financial matters, a reliable intermediary can be hired, such as a relative, lawyer, or accountant. These contacts may be contacted by financial institutions with the consent of an investor when there are questions about account activity and when the institution has been unable to reach the account owner. A reliable contact like this can make sure that any unforeseen transfers of money or withdrawals are noted and, more crucially, can prevent the account owner from being a victim of fraud.

In a press release, Securities Commissioner Karen Tyler stated that “having one or more trusted contacts provides another layer of safety on your account and puts your financial firm in a better position to help keep your account safe.” The North Dakota Securities Department is aggressively reducing exploitation and abuse by giving people the resources they need to recognize and report elder financial abuse.

In terms of legislative protections, North Dakota also has legislation in place to assist in preventing elder financial abuse. The state government passed laws in 2017 and 2023 requiring investment professionals to disclose the potential financial exploitation of their clients as well as establish a fund to compensate elderly investors who have been the victims of investment fraud.

Additionally, the North American Securities Administrators Association (NASAA) provides a collection of tools that can offer more details about reliable connections and the role they can play in safeguarding an elderly person’s assets. You can get this material on the NASAA website or on their YouTube channel.

Please get in touch with the North Dakota Securities Department at ndsecurities@nd.gov or by phoning 701-328-2910 if you think a senior is being financially exploited.