Recent World Elder Abuse Awareness Day activities prompted Mike Rothman, Commissioner of the Minnesota Department of Commerce, and Janet Golden, of the Tubman Senior Rights Alliance, to offer a training program targeted toward medical professionals entitled “Preventing Elderly Investment Fraud.”
In this program, the duo went over the signs of elderly investment fraud and what to do if financial abuse or fraud is suspected. Rothman stated, “Seniors are the targets of financial fraud every day. As part of consumer protection, this education and training program will help stop fraud against seniors.”
The concern is certainly warranted. Many seniors who suffer from medical conditions and impaired cognitive ability are the targets of investment fraud and other forms of financial abuse. A 2010 survey from the Investor Protection Trust estimates that one in five U.S. residents aged 65 or older fall victim to financial fraud in one form or another and that seniors lose about $2.5 billion every year in these kinds of scams. Rothman and Golden are hopeful that increased education and awareness of elderly financial fraud will help combat this growing problem.