In conjunction with World Elder Abuse Awareness Day on June 15, the State Corporation Commission’s Division of Securities and Retail Franchising reminded Virginians that extended isolation and loneliness during the COVID-19 pandemic may create a perfect storm for financial exploitation of senior citizens.
Each year, senior citizens lose billions of dollars to financial fraud, with the loss to individual victims averaging tens of thousands of dollars. “Social isolation has long been a leading factor contributing to the financial exploitation of older investors,” said Division Director Ron Thomas.
“Social distancing and the unprecedented quarantines designed to protect against the spread of the novel coronavirus have greatly increased social isolation for many seniors, making them more vulnerable to financial exploitation. Perpetrators may be strangers, family members, trusted friends and financial professionals or others.”
Financial abuse can happen any time, but perpetrators ...
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