In recognition of World Elder Abuse Awareness Day today, June 15, the Office of the Kansas Securities Commissioner spotlights the importance of safeguarding Kansas’s senior population by keeping a watchful eye for signs of elder financial exploitation and promptly reporting possible abuse to appropriate officials.
Elder financial abuse is rising with the rapid aging of the North American population, due in part to the amount of wealth seniors have accumulated throughout their careers and their increasing isolation.
Many in our older population are vulnerable due to social isolation and distance from family, caregivers, and other support networks. The days of aging in communities surrounded by generations of family members are fading into the past. We need as many eyes and ears as possible listening and watching for signs of suspect elder financial exploitation.
The Kansas Area Agencies on Aging provide resources to older Kansans in all 105 counties across the state and have partnered with the Office of the Kansas Securities Commissioner to help prevent the financial exploitation of older Kansans.
According to Julie Govert Walter, executive director of the North Central-Flint Hills Area Agency on Aging, scammers and fraudsters target older Kansans, and their ploys often rob seniors of millions of dollars of their hard-earned money. She says many seniors who have health issues also experience a diminished capacity to manage their personal finances. Worse yet, sometimes the people seniors turn to for help with their money prove to be less than worthy.
To help fight this problem, watch for the following warning signs of suspicious behavior that may indicate potential elder financial exploitation:
* Has an elder moved away from existing relationships and toward new associations with other “friends” or strangers?
* Has a new person entered the elder’s life and shown an excessive interest in the elder’s finances or accounts?
* Are you unable to speak directly with the elder despite repeated attempts at contact?
* Does the elder display unexplained excitement over a financial windfall or prize check and reluctance to discuss details?
If these sound familiar, contact the KSC at (785) 296-3307 or [email protected]<mailto:[email protected]>.
The KSC has developed presentations titled Outsmarting Investment Fraud to provide across the state to older Kansans and have been presenting to senior center groups this month. Seniors attending the presentations will leave equipped with the skills to recognize the persuasion tactics of scam artists and the red flags of fraud, as well as the knowledge of what to do to prevent scams. If you are interested in the KSC presenting to your local group, contact Shannon Stone, Director of Investor Education at the KSC, at (913) 652-9164.
Josh Ney is the Kansas Securities Commissioner.