New Jersey Launches Online Portal to Report Suspected Financial Exploitation of Elderly and Vulnerable Adults

The SAFE Portal streamlines mandatory reporting for financial professionals under a 2020 state law aimed at protecting older and at-risk investors.

Attorney General Matthew J. Platkin and the Division of Consumer Affairs have announced the launch of a new online reporting portal to facilitate compliance with the state's financial abuse reporting law, enhancing protections for elderly and vulnerable adults across New Jersey.

“As financial exploitation of seniors and other vulnerable adults increases nationwide, New Jersey is making it easier than ever for investment professionals to comply with their responsibility to report it,” said Attorney General Platkin. “By taking a few minutes to upload a fraud alert on the new SAFE Portal, they can help put a stop to schemes and scams that threaten the financial security of at-risk individuals.”

The electronic platform—known as the SAFE Portal—enables broker-dealers and investment advisers to report suspected financial exploitation directly to the New Jersey Bureau of Securities. The initiative supports the Safeguarding Against Financial Exploitation (SAFE) Act, a law enacted in April 2020 that mandates financial professionals report suspected or attempted abuse involving adults aged 65 or older or individuals covered by the Adult Protective Services Act.

Under the SAFE Act, when a financial professional suspects financial exploitation, they are required to notify both the Bureau of Securities and the relevant county adult protective services provider. The law also allows financial firms to temporarily delay transactions or disbursements from accounts of suspected victims while further review is conducted, aiming to prevent potential financial harm.

Previously, suspected abuse reports were submitted via email as written narratives. The newly launched portal automates this process by allowing secure entry of report details and the uploading of supporting documents, which are then directly integrated into the Bureau’s database for assessment and response.

“Many vulnerable adults are unaware they’re being preyed upon financially until their money is gone,” said Cari Fais, Director of the Division of Consumer Affairs. “Investment professionals are intimately familiar with their clients’ finances and therefore are often the first to notice when something is amiss. The SAFE Portal allows them to report their suspicions more quickly, providing the Bureau a better opportunity to step in before it’s too late.”

Since the law’s implementation, over 1,200 suspected cases of fraud have been reported to the Bureau, with numerous financial disbursements delayed as part of precautionary actions. The new system is expected to improve efficiency and documentation while helping financial institutions meet their legal obligations.

“We commend New Jersey’s registered financial professionals for stepping up to fulfill their responsibility to report suspected financial exploitation of vulnerable adults,” said Elizabeth Harris, Bureau Chief of the Bureau of Securities. “Our new SAFE Portal makes it easier for them to submit reports to the Bureau and provides that information to us in a manner that quickly facilitates our review.”

The SAFE Portal is accessible through the Bureau’s website or directly at https://www.njconsumeraffairs.gov/bos/Pages/SAFE.aspx.