Virginia State Corporation Commission

06/13/2025 | Press release | Distributed by Public on 06/13/2025 07:35

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

Financial

Jun 13, 2025

RICHMOND -

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. Many times, seniors do not report the financial exploitation due to embarrassment, denial, fear or a lack of awareness about fraud and how to report it.

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.

Financial abuse 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 particularly common form of senior financial exploitation.

"Seniors are increasingly being targeted by scammers," said Doug Joyce, director of the SCC's Division of Securities and Retail Franchising. "Senior financial exploitation can happen anywhere, anytime and to anyone. Perpetrators often prey on seniors who are vulnerable due to a health crisis or after the death of a loved one. Social isolation and seniors' increased reliance on the internet and assistance from others for many daily activities only compound the problem."

In some cases, scammers may target their victims using personal details gleaned from obituaries and social media posts. Some may exploit established relationships within a senior's social and support groups to become more involved in their life.

Joyce 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 such as powers of attorney, wills, trusts, retirement accounts or insurance policies, 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.

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 800-552-7945), or by email at SRF_General@scc.virginia.gov. 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 the following:

  • 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, set up account alerts, and keep track of financial statements as well as spending patterns.
  • Safeguard personal information and learn how to identify common types of scams.
  • Remain 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.

The North American Securities Administrators Association, of which the Division is a member, also offers resources to help individuals identify investment fraud and report suspected elder financial abuse in the investor education section of its website.

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Contact: Katha Treanor, 804-371-9141

Source URLs: scc.virginia.gov/consumers/consumer-investments, https://www.nasaa.org, nasaa.org/investor-education/senior-investor-resource-center, nasaa.org/serveourseniors

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