The Alabama Securities Commission is teaming up with financial planning organizations, doctors and other organizations to launch a national hotline for seniors and adult children to call to report financial fraud. The goal of the hotline is to combat financial scams that prey on senior citizens and can seriously damage both the financial security of the victim as well as the future of their surviving spouses and loved ones.
The Commission will be collaborating with the National Adult Protective Services Association, Investor Protection Trust, the Financial Planning Association, Baylor College of Medicine and the Investor Protection Institute to establish three separate call-in lines. Each hotline will take calls regarding potential cases of fraud in general finance, medical and financial abuse, as well as answer any questions seniors or their family members may have on financial planning or fraud prevention.
"Our primary goal is to expand and improve the communication between medical professionals, older Americans, adult children and state securities regulators in order to head off financial swindles before the damage is done," said Don Blandin, CEO of the Investors Protection Trust.
According to the source, the subsequent partners in the coalition will be divided up between the three hotlines to field calls and questions. The general finance hotline will connect callers to financial planning experts to discuss financial security and their available options.
The financial abuse hotline will provide callers with strategies to combat scams and protect their families. The medical questions hotline will offer professional, medical advice and guidance on how to handle cognitive impairment and other issues dealing with aging.
The Washington Post reported that elder abuse and financial scams have become a prevalent problem, with criminals swindling elderly investors through Ponzi schemes. Victimized seniors had lost most of their savings for retirement and other expenses.