In recognition of World Elder Abuse Awareness Day on June 15, securities regulators are urging Canadians to value and protect our seniors by learning to recognize and report financial abuse.

The Nova Scotia Securities Commission is among many organizations, including financial regulators, recognizing and supporting the international effort against senior abuse in all of its forms, including the under-recognized and under-reported form of senior abuse — financial fraud.

Elder abuse involving investments or securities can occur in a number of ways:

– an investment offered to a senior that is fraudulent or simply unsuitable for the senior’s risk tolerance;
– theft of funds by those in a position of trust; or
– aggressive sales tactics used by sales representatives.

Another area of concern is the decline in financial skills, which may be seen in the elderly as a result of health issues such as dementia.

“Anyone can be a victim of investment fraud. Anyone can be sold an unsuitable investment. Yet seniors have less time to recover from a financial loss, which may make the fallout much more serious,” says Natalie MacLellan, investor education and communications coordinator at the Nova Scotia Securities Commission.

Recognize the signs of financial abuse

To help prepare seniors and their caregivers how to recognize the signs of investment fraud and financial abuse of seniors, the New Brunswick Securities Commission has released a new Pocket Guide on Elder Investment Fraud and a Financial Concerns Checklist. The guide and the checklist are resources for those who have contact with seniors including professionals in the health care sector and senior’s residences, and their families.

In addition, the Canadian Securities Administrators has prepared several fraud prevention resources, including:

– Scam Artists Pursue Adults Over 50; and
– Sandwich Generation: Are you caught in the middle?

World Elder Abuse Awareness Day was introduced by the International Network for the Prevention of Elder Abuse in 2006 and is recognized by thousands of international organizations and communities around the world. For more information, visit www.inpea.net/weaad.html.

IE