*NOTE:* If this communication should be sent to another contact in your organization, please send the updated contact information to [email protected] and indicate whether this is an additional or replacement contact. Thank you.

*FOR IMMEDIATE RELEASE FROM
**THE* *WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS*

*Thursday, June 15, 2023*

*CONTACT*:
Lyn Peters, DFI Director of Communications
PH 360-902-8731, [email protected]

*DFI URGES EDUCATION AND AWARENESS FOR ALL AGES IN RECOGNITION OF WORLD ELDER ABUSE AWARENESS DAY, THURSDAY, JUNE 15*

*"Older adults are often targeted for fraud — friends, family members and trusted contacts can help prevent our elders from losing their hard-earned life savings"*

OLYMPIA – The Washington State Department of Financial Institutions (DFI) urges Washingtonians of all ages to be aware of the signs of elder financial abuse as we recognize World Elder Abuse Awareness Day [ [link removed] ].

Each year, Americans lose millions of dollars to fraud, and those over the age of 60 lose even more than others. The Federal Trade Commission data indicates 202,000 people between the ages of 60 and 69 reported losing $836 million in 2022 nationally. For those aged 70-79, 137,615 people reported losses of $570 million nationally. The United State Attorney’s Office Western District of Washington notes that only an estimated 15 percent of the nation's fraud victims report their crimes to law enforcement [ [link removed] ] – making those reported numbers even more frightening.

People who are scammed out of their hard-earned money often cite shame or embarrassment as reasons for not reporting. Some say they are afraid they could be deemed incompetent and have their independence taken away. This is why DFI provides financial education information to people of all ages throughout the state — and urges those who call Washington “home” to take a stand, watch out for loved ones, have conversations about money and the warning signs of potential financial fraud [ [link removed] ] and to report it [ [link removed] ] if they see it.

“Given the data, Washingtonians need to be informed and on high alert for financial fraud, and I encourage friends and loved ones to help their older family members spot scams,” DFI Director Charlie Clark added. “With technology at our fingertips – criminals are potentially in our lives at any time. It’s more important than ever to know how to spot potential financial fraud to avoid it and report it if it happens to you or someone you love.”

One method to add an extra layer of security is for senior investors to provide their investment professionals with a trusted contact — someone they trust as a secondary point of contact in the event their financial firm identifies a problem.

A trusted contact is a person authorized by the investor to allow financial firms, in limited circumstances, to contact them when there are concerns about activity in an account and the firm has been unable to get in touch with the investor directly. A trusted contact may be a family member, attorney, accountant or another third party that respects the investor’s privacy and knows how to handle the responsibility.

A trusted contact is a person authorized by the investor to allow financial firms, in limited circumstances, to contact them when there are concerns about activity in an account and the firm has been unable to get in touch with the investor directly. A trusted contact may be a family member, attorney, accountant or another third party that respects the investor’s privacy and knows how to handle the responsibility.

The North American Securities Administrators Association (NASAA), of which Washington's DFI is a member, has developed resources on what is a trusted contact, why they are important and how they help investors to protect themselves. You can find the NASAA's trusted contact videos on its YouTube page [ [link removed] ]. There are also fact sheets and links to other helpful information on trusted contacts on NASAA's Investor Education page [ [link removed] ]. U.S. regulators fielded 1,320 tips and complaints, opened 605 investigations, and filed 304 enforcement actions related to senior fraud in 2021. Read more in @NASAA's 2022 Enforcement Report. [link removed].

To learn more about the types of potentially fraudulent activity in Washington State reported to DFI, read the agency's Consumer Alerts [ [link removed] ].

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*About DFI* ▪ www.dfi.wa.gov [ [link removed] ] ▪ 360-902-8700 ▪ 877-RINGDFI (746-4334)
The Washington State Department of Financial Institutions regulates a variety of financial service providers such as banks, credit unions, mortgage brokers, consumer loan companies, payday lenders and securities brokers and dealers. The department also works to improve financial education throughout Washington through its outreach programs and online clearinghouse www.dfi.wa.gov/financial-education [ [link removed] ]. In addition to posting information about licensees and administrative actions, DFI uses the Web and social media to provide financial education information: [link removed] ■  [link removed] ■  www.linkedin.com/company/state-of-washington-department-of-financial-institutions/ [ [link removed] ] 

 

*About the Division of Securities *▪ www.dfi.wa.gov/sd [ [link removed] ] ▪ 360-902-8760 ▪ 877-746-4334, x 8760
The Division of Securities regulates securities investments, franchises, business opportunities, and off-exchange commodities sold in Washington and the firms and individuals that sell these products or provide investment advice. The Division handles complaints, conducts investigations, and takes appropriate enforcement actions to protect investors and combat fraud.

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