As we observe this year’s World Elder Abuse Awareness Day, we encourage others to join us in recognizing the importance of protecting our senior investors from financial fraud and abuse. SIFMA strongly supports efforts to combat exploitation and ensure that financial firms have the tools they need to best protect their senior clients.

Financial exploitation presents itself in numerous forms, from scams, phishing attempts, and romantic frauds to family members and caregivers exploiting their positions of trust. Older adults are common targets for such schemes due to their access to assets and potential symptoms of cognitive decline. In fact, in the United States, seniors lose an estimated $3.4 billion every year to financial exploitation – and the number of seniors being affected is rising.

SIFMA members work at the forefront of addressing these challenges – often financial advisors are the first line of defense. However, this is an issue that the financial services industry cannot tackle alone. While financial institutions have tools such as the ability to hold a transaction under FINRA rules and certain state guidelines, there are still new avenues to pursue to protect our seniors effectively.

Over the last several years, SIFMA has worked closely with state and federal lawmakers, regulatory agencies, and non-profits to advance legislative and advocacy efforts. One such partnership is with NAPSA and EverSafe to provide the HelpVul unified reporting platform, a secure technology to connect financial services, APS, and state securities regulators. SIFMA also works with AARP to distribute the BankSafe training program, a state-of-the-art, online learning experience where users learn to identify potential financial exploitation and how to take action. Additionally, SIFMA advocated for and participates on the FTC’s Stop Senior Scams Advisory Group which helps organizations learn from each other while building new partnerships.

SIFMA continues to encourage the passage of new legislation that provides more tools in the toolbox to protect vulnerable adults. One such bill is the bipartisan Financial Exploitation Prevention Act, which would permit mutual funds to hold a transaction if it is reasonably believed that such transaction was requested through the financial exploitation of a senior or individual unable to protect their own interests. As financial crimes against seniors continue to rise, it is important that we equip the industry with the additional tools needed to combat these increasingly sophisticated schemes.

Protecting senior investors is a responsibility we all share. By staying vigilant and supporting measures that prevent elder financial abuse, we can make a significant difference in the lives of older Americans. We encourage parties interested in learning more to visit SIFMA’s Senior Investor Protection Toolkit, which is downloadable at no cost.  We believe the message is important to be shared as widely as possible.  Lastly, we would encourage you to join NAPSA’s 15^th Annual World Elder Abuse Awareness Day event at the US Securities and Exchange Commission on June 20^th.

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Lisa Bleier is Managing Director and Associate General Counsel, Head – Wealth Management, Retirement and State Government Relations at SIFMA.