On World Elder Abuse Awareness Day, SCC Offers Reminders About Senior Financial Exploitation

Senior citizens lose billions of dollars annually due to financial exploitation perpetrated by friends, family, caregivers, financial professionals or strangers. The loss to individual victims averages tens of thousands of dollars.

On World Elder Abuse Awareness Day, June 15, the State Corporation Commission reminds seniors, caregivers, financial professionals and all Virginians to recognize the signs of elder financial abuse and know how to report it.

Investment scams are among the costliest forms of elder financial abuse. They can take many forms including efforts to sell seniors fraudulent investments in person, online or by phone, or attempts to access their investment accounts for personal gain. Investment schemes involving cryptocurrency and social manipulation are a common form of senior financial exploitation. Seniors who have disabilities, rely on others for help or are socially isolated are especially vulnerable.

According to the FBI's 2025 Internet Crime Report, investment fraud is the top cyber-enabled crime with reported losses surpassing $8.6 billion, of which $3.5 billion was from senior citizens. In addition to the financial loss, the emotional toll can be devastating. Seniors often do not report the financial exploitation due to embarrassment, denial, fear or a lack of awareness about fraud and how to report it.

During 2025, the division received 206 tips and complaints; opened 61 new investigations, of which four involved senior citizens; 18 led to civil enforcement actions; 16 involved the sale of unregistered securities; 14 involved unlicensed individuals or firms; one involved cryptocurrency; and 20 involved fraud. As a result of the division's formal enforcement actions, $246,564 in monetary remedies were returned to Virginia investors.

"Increasingly, seniors are being targeted by scammers," said Division Director Danny Taylor. "Senior citizens should exercise extreme caution with unsolicited or 'accidental' texts or emails from seemingly friendly individuals who offer investment opportunities that require funding via untraceable, irreversible payment methods like cryptocurrency, international wire transfers or gift cards."

Taylor encourages seniors to add a trusted contact to their brokerage accounts. A trusted contact cannot conduct trades or withdrawals from the brokerage account. They serve as a point of contact when a securities professional is unable to contact a client or when fraud is suspected."

Taylor noted the following possible red flags of senior financial abuse:

• 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 or documents that 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.
• A lack of knowledge by a senior about their financial status or reluctance to discuss financial matters.

Taylor 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 800-552-7945), or by email at [email protected]. Additional information is available on the division's Invest Wisely website.

Other steps Virginians can take to protect themselves or a vulnerable senior in their life include:

• Report suspected exploitation to local authorities and adult protective services.
• Alert financial institutions if you notice suspicious activity within accounts.
• Enable transaction verification for financial accounts to help identify and prevent fraudulent payments from those accounts.
• Monitor account activity, financial statements and spending patterns and set up account alerts.
• Safeguard personal information and learn how to identify common types of scams.
• Use strong, different passwords and multi-factor or biometric authentication to safeguard your accounts.
• Be wary of investment offers touting big or guaranteed returns with little or no risk.
• Verify that any investment and the person offering it are registered.
• Never reply to unsolicited text messages or emails.
• Verify information about an investment offer and do not make rushed decisions.

The North American Securities Administrators Association, of which the division is a member, also has developed resources to help individuals identify investment fraud and know how to report suspected elder financial abuse. These resources are available at nasaa.org/investor-education/senior-investor-resource-center/.

###

Contact: Katha Treanor, 804-371-9141