Help Stop Financial Abuse of Seniors

The Nova Scotia Securities Commission is urging Nova Scotians to be aware of and report financial abuse involving seniors as part of World Elder Abuse Awareness Day on June 15.

The commission is among many organizations, including financial regulators, recognizing and supporting the international effort against senior abuse in all of its forms, including the under-recognized and under-reported form of senior abuse -- financial fraud.

Senior abuse involving investments or securities can occur in a number of ways:

• a senior is targeted with a fraudulent investment
• a senior is sold investment products that are unsuitable for their risk tolerance or personal circumstances;
• recommended to invest in a product that may benefit the seller more than the senior;
• theft of funds by someone in a position of trust

Another area of concern is the decline in financial skills which may be seen in the elderly as a result of health issues such as dementia.

"Anyone can be a victim of investment fraud. Anyone can be sold an unsuitable investment. Yet seniors have less time to recover from a financial loss, which may make the fallout much more serious," said Natalie MacLellan, investor education and communications coordinator at the Nova Scotia Securities Commission.

Whether you are a senior, a family member or a caregiver, you can take action and prevent financial elder abuse. They include learning to recognize and avoid investment scams, talking to family and friends about your finances and getting a second opinion if unsure about a product or salesperson.

For information and helpful resources about investing and fraud prevention visit the commission's website www.beforeyouinvest.ca . The commission also reminds the public of the importance of reporting known or suspected scams. Reporting potential scams may help prevent other seniors from becoming victims of investment fraud.

The Nova Scotia Securities Commission is the provincial government agency responsible for regulating trading in securities in the province. The commission, as a member of the Canadian Securities Administrators, the council of securities regulators of Canada's provinces and territories, provides fraud prevention resources for seniors.

World Elder Abuse Awareness Day was introduced by the International Network for the Prevention of Elder Abuse in 2006 and is recognized by thousands of international organizations and communities around the world. For more information, visit http://www.inpea.net/weaad.html .