Palmetto State News

(COLUMBIA, S.C.) – In recognition of World Elder Abuse Awareness Day on June 15, Attorney General Alan Wilson reminds financial professionals and the public throughout South Carolina to be on the lookout for signs of elder financial abuse, including potential exploitation and scams. To help protect senior investors, the Attorney General’s Office recommends investors provide the name of someone they trust as a contact on their investment accounts.

“It is a sad truth that there are fraudsters looking to prey on unsuspecting investors, and all too often, they target older individuals. One way to help detect and even prevent financial exploitation is to add a trusted contact to investment accounts. Having a trusted contact provides another layer of safety for investment accounts,” said Attorney General Alan Wilson. “My office is actively working to combat cases of abuse and exploitation by providing tools and resources for investors and caregivers. You can visit our website  to learn more.”

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. A trusted contact may be a family member, attorney, accountant, or another third party who respects the investor’s privacy and understands how to handle the responsibility of being a trusted contact.

The North American Securities Administrators Association (NASAA), of which South Carolina 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 NASAA’s trusted contact videos on its YouTube page. There are also factsheets and links to other helpful information about trusted contacts on NASAA’s Investor Education page.

Attorney General Wilson asks anyone with suspicions of possible senior financial exploitation to contact the Securities Division of the Attorney General’s Office by calling 803-734-9916 or by emailing agsecurities@scag.gov. Investors can submit a complaint or learn more about the Securities Division by visiting the Attorney General’s Office website at https://www.scag.gov/inside-the-office/legal-services-division/securities/.

Original source can be found here