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[Alabama Securities Commission] By one estimate, older Americans lose up to $30 billion a year to elder financial abuse—the misappropriation of their money by con artists or thieves who are total strangers to them or even trusted friends or family members.
These crimes often go unreported because victims are ashamed to speak up or are unable to do so.
But that may soon start to change. The government and the financial services industry are finally taking steps to encourage people who are in a position to spot elder financial abuse—including brokers, bankers, and financial advisers—to act on and report what they see.
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New Ways to Prevent Elder Financial Abuse