NIC, other industry associations form national initiative against senior finance fraud
Financial fraud schemes cost consumers and businesses around $50 billion a year, and unfortunately, seniors are often vulnerable targets. Fraudsters love to take advantage of trusting older adults, tricking them with everything from telephone scams requesting a few hundred dollars to complex investment fraud capable of wiping out life savings.
The National Investment Center for Seniors Housing & Care (NIC) and the Financial Industry Regulatory Authority (FINRA) created the initiative, designed to pool knowledge and create free resources resources for senior care providers to help their residents stay savvy and avoid financial scams.
Argentum, the American Seniors Housing Association and LeadingAge also have joined the team. Together, the five organizations will help nearly 8,000 senior living communities educate employees, residents and families about the risks of financial fraud.
“Older individuals living in seniors housing communities—especially those with extra financial resources—are too often targeted for investment fraud by scammers and sometimes even family members,” said Brian Jurutka, NIC President and CEO. “By supporting this effort, we provide communities critical, free information they need to educate and protect their residents from this financially and emotionally devastating problem.”
For more information on resources, contact www.nic.org.
Pamela Tabar was editor-in-chief of I Advance Senior Care from 2013-2018. She has worked as a writer and editor for healthcare business media since 1998, including as News Editor of Healthcare Informatics. She has a master’s degree in journalism from Kent State University and a master’s degree in English from the University of York, England.