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|THE NEW 2018 SENIOR SAFE ACT|
There is a new Federal Law in effect which now enlists financial institutions as YOUR NEW ALLIES in the fight against financial exploitation of older Americans. 1 out of every 5 older American is the victim of financial exploitation. It costs older Americans over 3 BILLION DOLLARS EACH YEAR. Many of them are spending over $120,000.00 each while they are being victimized. THIS IS SHOCKING.
The perpetrators come from ALL WALKS OF LIFE. Perpetrators can be family members, people who have befriended and gained the trust of a family member, telemarketing con artists, government imposters like the IRS or Medicare imposters, Microsoft company imposters, and the list goes on.
Our new weapon against exploitation is the ability of BANKS, CREDIT UNIONS, INVESTMENT ADVISORS, AND BROKERS, TO REPORT TO LAW ENFORCEMENT ALL SUSPECTED FRAUD INCIDENCES.
The Senior Safe Act PROTECTS THESE FINANCIAL INSTITUTIONS FROM LAWSUITS regarding false claims because employees in the FINANCE INDUSTRY will be THOROUGHLY TRAINED on THE SIGNS OF FRAUD AND FINANCIAL EXPLOITATION.
These are great advances in the detection process to combat Elder Financial Exploitation, which is a most INSIDIOUS FORM OF ELDER ABUSE.
Older Americans have worked hard their entire lives to save up for a comfortable life during retirement. To give their life savings away to an exploiter where they can never recoup their losses is one of the greatest tragedies there is.
I am grateful for all our allies in this fight against financial exploitation.
From the desk of Jane Constant
Senior Relations Specialist
Nashua Police Department
Posted on: October 31, 2018