It is vital that we are able to protect our senior investors from financial exploitation and the dangers of cognitive decline.

By 2030, seniors aged 65 and over will make up 18% of the nation’s population. In the United States, seniors lose an estimated $2.9 billion every year in cases of financial exploitation reported by media outlets, while only an estimated 1 in 44 cases is even reported to authorities. Financial exploitation is a problem that hits home for many older Americans and it is imperative all segments of the financial industry are skilled in protecting senior investors.

Enhancing Senior Investor Protections

SIFMA works with industry members, academics, and state and federal lawmakers to advance policies, practices, rules, regulations, and statutes which enhance senior investor protections. A growing number of states have enacted senior investor protection laws that extend to broker-dealers, and several others are currently working to develop a similar path. Additionally, FINRA Rule 2165, permitting pauses on certain suspicious activity, and FINRA Rule 4512, requiring firms to request trusted contact information from certain clients, went into effect in February 2018. SIFMA continues to push for updated laws and regulations to get ahead of this emerging threat and better equip advisors – through regional workshops, toolkits and more – to protect aging clients.

Tools to Fight Financial Exploitation

SIFMA is committed to working across the financial industry to protect senior investors and continues to seek new ways to fight against financial exploitation of older Americans. In addition to our Senior Investor Protection Toolkit, we work in partnership with AARP to distribute the BankSafe training program, with NAPSA and EverSafe to provide the HelpVul unified reporting platform, and with organizations including the Women’s Institute for a Secure Retirement (WISER), the National Adult Protective Services Association (NAPSA), FINRA and more.

BankSafe Training Program

AARP’s BankSafe training combines industry knowledge and experience with a state-of-the-art, online learning experience. Users learn how to identify potential financial exploitation and take the right actions to stop it. Learn more.

 

 

HelpVul originated under a grant from the US DOJ. Partners include NAPSA, SIFMA and EverSafe.

Valuable Resources

• Be WISER About Financial Scams
• Protecting Your Income: Tips for Elders
• A Checklist to Help You Protect Those You Care About from Financial Abuse
• WISER Special Report: Senior Fraud
• National Senior Investor Initiative
• WISER Women Elder Financial Abuse Resources
• American Bar Association Elder Abuse
• National Adult Protective Services Association (NAPSA)
• WATCH: SIFMA Spotlight on Protecting Our Senior Investors
• WATCH: Replay of SEC Roundtable on Combating Elder Investor Fraud
• SEC Never Stop Learning
• FTC Pass It On