If you are a member of the media, please email ngarcia@azcc.gov or call (602) 542-0728.
Calls for Community Vigilance to Mitigate Senior Financial Exploitation and Deception
To mark World Elder Abuse Awareness Day on June 15, the Arizona Corporation Commission encourages both investment professionals and the general public to stay alert for indications of financial abuse targeting elders, which may include potential exploitation and fraud. A single call or visit to an elderly relative, neighbor, or friend could potentially prevent them from falling victim to such abuses.
To enhance the safety of senior investors, the Corporation Commission advises all investors to nominate a trusted individual as a contact on all their accounts. This trusted contact is someone whom the investor has authorized to be reached by financial firms in certain situations, particularly when there are questionable activities on an account and the firm is unable to contact the investor directly. The trusted contact can be a relative, a lawyer, an accountant, or any other third party who respects the investor's privacy and is capable of handling the responsibility.
"By having at least one trusted contact, you add an extra layer of security to your accounts and improve your financial risk profile," stated Doug Clark, the Commission's Executive Director. The Arizona Corporation Commission is committed to combating abuse and exploitation, and does so by providing necessary resources to detect and report elder financial abuse through its investor outreach programs and media campaigns.
The North American Securities Administrators Association (NASAA), of which the Corporation Commission is a member, has created resources to explain what "trusted contacts" are, their significance, and how they aid investors in self-protection. NASAA's instructional videos about trusted contacts can be found on its YouTube channel.
Furthermore, you can visit the Investor Resources-General section of the Commission's investor education website at azcc.gov/azinvestor to access a comprehensive factsheet about trusted contacts, along with links to other useful information.
The Corporation Commission encourages anyone who suspects potential financial abuse of seniors to get in touch with our Duty Officer at SecuritiesDiv@azcc.gov or call (602) 542-0662 or toll-free in Arizona at +1 (866) VERIFY-9
