National Senior Citizens Day is Aug. 21!
National Senior Citizens Day recognizes seniors who have spent their lives contributing to society and have impacted everyone’s lives for the better. So how can we show our appreciation and gratitude for the older generations? By keeping a watchful eye for signs of elder financial exploitation.
To combat potential investment fraud from occurring, the Securities Division urges investors to provide their financial firms with a trusted contact.
A trusted contact is a person you authorize your financial firm to contact in limited circumstances, such as if there is a concern about activity in your account and they have been unable to get in touch with you.
Having one or more trusted contacts provides another layer of safety on your account and puts your financial firm in a better position to help keep your account safe. Naming someone as a trusted contact does not give that person the authority to act on your behalf, execute transactions, or reengage in activity in your account.
If you do decide to name a trusted contact, you might want to reach out your trusted contact in advance to let them know.
To learn more about the importance of having a trusted contact, visit this blog post from TDCI’s Securities Division.
Individuals with suspicions of possible senior investment fraud or financial exploitation should contact Tennessee’s Securities Division by calling 615-741-5900 or visiting tn.gov/securities.
FINRA Securities Helpline for Seniors® | 844-57-HELPS (844-574-3577)
SEC’s Office of Investor Education and Advocacy | investor.gov
NASAA Investor Education | nasaa.org/investor-education
Rachel Carden serves as the Director of Investor Education for the Securities Division of the Tennessee Department of Commerce and Insurance.