New Jersey marks World Elder Abuse Awareness Day 2025 by raising awareness of link between social isolation and elder financial fraud
State Joins in Nationwide Message Stressing Importance of Regular Contact with Elderly
NEW JERSEY — In recognition of World Elder Abuse Awareness Day on June 15, Attorney General Matthew J. Platkin, the Division of Consumer Affairs, and the New Jersey Bureau of Securities are raising awareness about the link between social isolation and elder financial fraud.
Research has shown that social isolation, whether voluntary or involuntary, significantly contributes to the financial exploitation of older investors. Socially isolated seniors, who may lack a support network to discuss financial matters with, are more receptive to scammers’ approaches and more susceptible to emotional manipulation and pressure tactics, says the North American Securities Administrators Association (“NASAA”). Loneliness may also make isolated individuals prime targets for internet scammers who offer them friendship or romance to gain their trust.
“Investment scams are a serious threat to the elderly and New Jersey is committed to doing everything we can to keep our older residents—and their nest eggs—safe,” said Platkin. “On World Elder Abuse Awareness Day, we’re joining states across the country to raise awareness that the simple act of keeping regular contact with an elderly friend or loved one can significantly reduce their vulnerability to financial exploitation.”
According to data collected by the Federal Trade Commission, people aged 60 and over reported losing more than $1.6 billion to fraud in 2022. Investment scams targeting this group amounted to $404 million, up 175% from the year before. Moreover, analysis of fraud reports received by the FTC show that older adults are substantially less likely to report losing money to fraud.
Scammers often target seniors during vulnerable times, such as health crises or after the death of a loved one, using personal details from obituaries and social media posts. Scammers may also exploit trust within seniors’ social and support groups to become more involved in their lives.
“The consequences of falling victim to elder fraud can be devastating, leaving seniors financially ruined and emotionally traumatized,” said Elizabeth M. Harris, Acting Director of the Division of Consumer Affairs. “Today, we’re sending a message that communication is one of the best ways to prevent this kind of abuse. Regularly checking in with elderly friends and family members and encouraging them to discuss their day-to-day interactions is a proactive way to help them identify and avoid potential scams.”
“Safeguarding New Jersey seniors from financial exploitation is essential to the Bureau’s investor protection mission,” said Keith A. Alt, Acting Bureau Chief. “On World Elder Abuse Awareness Day and every day, we’re working to provide New Jersey seniors and those who care about them with the information and resources they need to protect our most vulnerable residents from falling victim to those seeking to cheat them out of their hard-earned savings.”
Each year, outreach teams with the Division and the Bureau hold dozens of educational events in communities across New Jersey to raise awareness of elder fraud and educate seniors on how to spot and avoid financial scams targeting them. Among the educational materials presented at these events are the Division’s Anti-Fraud Tool Kit and a variety of Bureau brochures and pamphlets, which are aimed at helping seniors recognize and avoid common scams being played on them. These educational materials also provide tips on distinguishing legitimate businesses from clever hoaxes, help investors identify the red flags of investment fraud, and offer advice on dealing with unwanted solicitations.
In March 2025, New Jersey expanded its senior protection efforts by launching an electronic portal making it easier for financial professionals to comply with New Jersey’s Safeguarding Against Financial Exploitation (SAFE) Act, which requires them to report suspected financial abuse targeting older and vulnerable investors. The SAFE portal, located on the Bureau’s website, allows financial professionals to submit information and upload supporting documents into a digital reporting system. The report is automatically logged into the Bureau’s database. Broker-Dealers and Investment Advisers can access the SAFE Portal on the Bureau’s website or at www.njconsumeraffairs.gov/bos/Pages/SAFE.aspx.
