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Articles Tagged with Financial Fraud

Individuals suffering from Alzheimer’s can be prime targets for financial predators

Unfortunately, we become more susceptible to financial scams from a wide range of offenders as we age. These include trusted advisors such as lawyers, accountants, and financial managers – as well as healthcare providers, caregivers, and even close family members.

Recent studies show that as our brains age, we become less able to detect deception and focus more on the potential for positive outcomes, especially when it comes to trusting people in our own social environment.

New research suggests a new reason for the trust seniors place in others

Researchers have long been interested in finding out why the elderly tend to fall for scams more easily than the rest of the population. While cognitive decline and diseases such as Alzheimer’s and dementia have been considered the main culprits in this equation, new research shows another contributor.

As we age, we lose some of our “gut instincts”

Is FINRA’s Senior Helpline Working to Combat Elder Financial Fraud? on silverlaw.com

FINRA recognizes that our seniors are especially vulnerable to financial fraud—is HELPS helping?

In 2015, FINRA launched a new program called HELPS, a hotline for senior investors with questions about the legitimacy of their investments. The program is intended to help combat elder financial fraud, which is rampant across the US, but especially prevalent in South Florida, which is already a hotbed of national and international fraud.

Senior investors are especially vulnerable because of health and memory problems like Alzheimer’s and dementia as well as a lack of education about the changing financial environment and new investment products. To make the matter worse, unethical brokers may particularly target seniors in order to take advantage of their vulnerabilities, aiming to convincing them to purchase risky and expensive investments, and, on occasion, attempting to directly steal their funds.

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