Idaho Dept. of Finance recognizes Elder Abuse Awareness Day In recognition of World Elder Abuse Awareness Day (WEAAD) on June 15, the Idaho Department of Finance (IDOF) reminds financial professionals and the public that financial exploitation of seniors is a pressing issue for all Idahoans. According to the 2023 FBI Internet Crime Complaint Center Fraud Report, “scams targeting individuals aged 60 and older caused over $3.4 billion in losses in 2023—an increase of approximately 11% from the year prior. The average victim of elder fraud lost $33,915 due to these crimes in 2023. “It is important for the public and industry stakeholders to be aware of the strategies and tactics scammers use to target our senior community to better protect Idahoans and their families,” said Patricia Perkins, Director of the Idaho Department of Finance. “The IDOF Securities Bureau is committed to educating the public and working with our partners to protect Idaho’s senior community from fraud and financial exploitation,” said John Yaros, Securities Bureau Chief of the Idaho Department of Finance. TheIdahoDepartmentofFinancebelievesitisimportanttobeawareofpotentialbehavioraland financial red flags that can help prevent and increase early detection of senior financial exploitation. Potential Red Flags for Financial Exploitation * New names are added and given authority over financial accounts. * Bills and/or medical debts are left unpaid despite available financial resources. * Sudden transfer(s) of assets to family members, new acquaintances, business partners, or supposed government officials. * A senior discusses or is asked to purchase gift cards, prepaid cards, cryptocurrency, or other alternative financial products. * During a transaction, a senior appears to be taking directions from someone via phone or text. * A senior appears agitated/distressed and expresses that they need money for an emergency situation.
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