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BISMARCK, N.D. (KXNET) — June 15 was World Elder Abuse Awareness Day — but the North Dakota Securities Department still wants to remind the public to be on the lookout for signs that their elderly friends or family members might be being taken advantage of financially, even after the day of awareness.
Exploitations and scams target many people, but they are especially prevalent among older adults. However, there are plenty of things that can be done to help protect seniors from those looking to steal their funds or personal information.
One of these — and perhaps the most important, as stressed by the Securities Department — is to have a trusted family member contact handle the finances.
A trusted contact, like a family member, attorney, or accountant, can be used as a middleman in all financial affairs. When authorized by an investor, these contacts can be contacted by financial firms where there are concerns about financial activity on an account, and when the firm has been unable to get in touch with the account’s owner. Having a trusted contact like this can ensure that sudden transfers of funds or withdrawals do not go unnoticed, and more importantly, can be stopped before the account owner is a victim of a scam.
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“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,” said Securities Commissioner, Karen Tyler in a press release. “The North Dakota Securities Department is actively working to reduce abuse and exploitation by providing the necessary tools to identify and report elder financial abuse.”
When it comes to state protections, there are also laws in place in ND to help protect against elder financial abuse. Laws were passed in 2017 and 2023 by the state legislature which created reporting requirements for investment professionals who believe their clients may be financially exploited, as well as a restitution fund to help older investors who have fallen victim to investment fraud.
In addition to this, the North American Securities Administrators Association (NASAA) also has a set of resources that can provide more information on trusted contacts and the impact they can have on protecting an older individual’s funds. his information can be found on NASAA’s website, or on their Youtube page.
If you suspect a senior is being taken advantage of financially, please contact the North Dakota Securities Department by emailing ndsecurities@nd.gov or calling 701-328-2910.
