PA Securities Commission Urges Citizens to Report Elder Abuse
'Crime of the 21st Century' costs victims $2.6 billion per year
June 12
PRNewswire
In recognition of World Elder Abuse Awareness Day on June 15, the Pennsylvania Securities Commission (PSC) urges citizens to value and protect Pennsylvania's seniors by reporting possible abuse in the resolution which is attached.
"Elder abuse comes in many forms - physical, financial or emotional stress or neglect or abandonment. Often several types of abuse will be inflicted at the same time," said PSC Commissioner Tom Michlovic. Financial abuse is considered to be the most common form of abuse to elders, costing its victims an estimated $2.6 billion a year.
To help fight this problem, the PSC is joining the North American Securities Administrators Association (NASAA) and the National Adult Protective Services Association (NAPSA) to offer tools to identify and report financial abuse or exploitation. Investment fraud is an area of particular concern because victims can see their life savings depleted with little opportunity to recover financial stability.
"Financial losses through investment fraud can be devastating to seniors," said PSC Chairman Bob Lam. "Those who lose their life savings suffer a physical and emotional toll as well as a financial toll. They may become fearful, develop health issues, become depressed and even consider suicide. It's imperative that financial abuse be reported promptly to the proper authorities."
"Elder financial abuse is becoming the crime of the 21st century as the growing senior population is increasingly targeted," said PSC Commissioner Steve Irwin. "Studies show that family members and caregivers are the culprits in more than half of these cases."
Suspected securities or investment fraud can be reported to the PSC at 1-800-600-0007.
Other types of elder abuse, such as physical, emotional, sexual, self neglect and caregiver neglect, can be reported to Pennsylvania's Adult Protective Services/Elder Abuse Website at www.aging.state.pa.us, by calling the statewide elder abuse hotline at 1-800-490-8505 or by contacting local authorities.
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