An estimated $40 billion is lost every year to investment fraud, with losses from seniors totaling as much as $2.6 billion. One in five older Americans say they have experienced financial exploitation or have been targeted by someone trying to defraud them of their hard-earned savings.
Researchers determined there may be a neurobiological basis for seniors’ increased vulnerability to investment fraud and financial exploitation. Factors like mild cognitive impairment, dementia and early Alzheimer’s may in fact make seniors more susceptible to falling victim. Based on a successful pilot program in Texas, our office is training health care professionals how to spot seniors who might be vulnerable to investment fraud due to mental impairment and how to refer them to our office and/or Adult Protective Services for help.
Our office is partnering with the IU Center for Aging Research on this initiative. The Elder Investment Fraud and Financial Exploitation Prevention Program is funded by a grant from the Investor Protection Trust.
To report a case of investment fraud, please contact the Indiana Securities Commission at 1-800-223-8791 or file a complaint online.
To report a case of financial exploitation, please contact Adult Protective Services at 1-800-992-6978 or visit http://www.in.gov/fssa/da/3479.htm.
To report a case of identity theft, please contact the Indiana Attorney General’s office at 1-800-382-5516 or visit http://www.in.gov/attorneygeneral/2413.htm.