JUN 19, 2020
Warns of risks of investment fraud among
seniors due to increased isolation during COVID-19
(COLUMBIA, S.C.) — June 19, 2020 - In recognition of World Elder Abuse Awareness Day (WEAAD) earlier this week, the South Carolina Office of the Attorney General reminds financial professionals and the public throughout South Carolina that heightened isolation and loneliness during the COVID-19 pandemic have created a perfect storm for senior financial exploitation.
“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,” Attorney General Alan Wilson said.
Wilson also took the opportunity to promote important legislation aimed at stemming the financial exploitation of vulnerable adults. “My office supports legislation requiring certain individuals managing a vulnerable adult’s finances to contact adult protective services and the Attorney General’s Office if they suspect that abuse or exploitation has taken place.”
While 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, Wilson points out that financial abuse can occur anytime. 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.
What to Watch For
Senior financial exploitation can be difficult to identify or recognize. Below are five examples of warning signs to watch for among the seniors in your lives:
How You Can Help
Financial and investment professionals also are encouraged to contact the South Carolina Office of the Attorney General Securities Division at 803-734-9916 or [email protected] to request a Senior$afe presentation on how to spot and report suspected senior financial exploitation.
For media inquiries please contact Robert Kittle, [email protected] or 803-734-3670
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