Financial exploitation – consumer fraud, investment fraud, scams and identity theft – is one of the most reported forms of elder abuse.
This blog post aims to empower seniors by illustrating the services that are available to them if they feel threatened or taken advantage of through investment solicitation or financial exploitation.
Elder financial abuse can be carried out through email solicitation, door-to-door sales, at sales seminars, or through telemarketing.
Warning signs to look out for are: • High-pressure sales tactics • Unsolicited cold calls or e-mails • Pressure from friends, family, or care workers
Furthermore, when considering an investment it is crucial to ensure the person selling you the investment is registered. Taking the time to study an investment and get independent assistance is an important step in protecting yourself.
The BC government has put together an information kit that features brochures on a variety of topics related to elder abuse. It is also leading a month-long social media campaign directed at spreading awareness about elder abuse. The campaign encourages British Columbians to use the hashtag #RespectSeniors on Twitter and a set of pre-written tweets to bring attention to the topic.
Here are the links to the government’s information kit (which is also on this BC government webpage): • Elder: Abuse: It’s Time to Face the Reality • Responding to Elder Abuse: Resources • Financial Abuse: Protecting British Columbia Seniors • Are You Dating? Older Adults and Healthy Relationships • How to Tell Someone You are Being Abused: Starting the Conversation • Seniors Abuse and Information Line (SAIL)
We also provide a Be Fraud Aware brochure that focuses on the warning signs to look out for when considering an investment.
If questionable investment activity is suspected you can contact the BC Securities Commission. • Call us at 1-800-373-6393, email [email protected], or through the “Report to Us” section on the website.
If you suspect financial abuse there are a variety of resources that seniors can access for help: • RCMP or your local city police: If the abuse has reached the point that it has become a criminal matter, contact your local police department or if it is an emergency, call 911. • Senior Abuse & Information Line (SAIL): SAIL is a resource for older adults to receive information about elder abuse, or as a safe contact to discuss possible abuse or mistreatment. BC Residents can contact SAIL at 604-437-1940 or 1-866-437-1940 (toll free). • VictimLink BC: Call 1-800-563-0808 to receive information and referral services. It is available in BC and the Yukon, 24 hours a day, 7 days a week.
Last month, a colleague and I presented the BCSC’s Investright seminar to a group of 50 retired business and professional people in Ladysmith BC. We discussed tips on how people could protect themselves from fraud and how to avoid unsuitable investment products. Investor questions When we participate in events or give seminars, there are always […]
With kids back to their studies, I thought it would be a good idea to introduce new ways for teachers and parents to help develop young people’s financial literacy skills. The following resources incorporate financial literacy into a gaming format, introducing fun and interactivity into a topic young people sometimes find dull or boring. The […]