“Social isolation has long been one of the
leading factors contributing to the financial exploitation of older
investors, and the unprecedented quarantines to protect against the
spread of the novel coronavirus have taken social isolation to a new
dimension for many seniors, making them more vulnerable to financial
exploitation,” Commissioner Chan said.
While financial abuse can happen at any
time, perpetrators often strike during times in a senior’s life when
they may be more vulnerable, such as during a health crisis or after the
death of a loved one. Scammers often gather personal details from
obituaries and social media posts and use this information to target
their victims. Some even will exploit trust within seniors’ social and
support groups to become more involved in their lives.
How You Can Help:
- While in-person visits may not be possible yet, be sure to keep in touch with older family members, friends, and neighbors. Call or leave a note on their front door. If they have the technology, send them a text or email, or contact them via Facetime, Skype, Zoom or other video apps. Contact is key to letting your loved ones know you are thinking of them and that they are not alone.
- Let your older family members know that fraudsters and scammers have found ways to exploit the pandemic. Make them aware of the red flags of fraud, which remain consistent regardless of the fraud or scam. Information regarding COVID-19 scams can be found in a previously-released DORA consumer advisory. Additional information on general red flags of fraud and exploitation can be found on the Division of Securities investor education website’s “Learn how to avoid being a victim” section.
Commissioner Chan asks anyone with
suspicions of possible senior financial exploitation to contact the
Division of Securities by calling 303-894-2320 or emailing us at dora_SecuritiesWebsite@state.co.us.
About the Securities Division:
The Division of Securities exists
to protect investors and maintain confidence in the securities market,
while avoiding unreasonable burdens on the marketplace by licensing
securities professionals, enforcing securities law violations, and
helping Coloradans become more informed investors.
About DORA:
DORA is dedicated to preserving the
integrity of the marketplace and is committed to protecting a fair and
competitive business environment in Colorado. Consumer protection is our
mission. Visit dora.colorado.gov for more information or call 303-894-7855 / toll-free 1-800-886-7675.
Full Article & Source:
Isolation and loneliness during the COVID-19 pandemic may leave seniors vulnerable to investment fraud
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