New Jersey Observes World Elder Abuse Awareness Day by Spotlighting Link Between Isolation and Financial Fraud

State officials emphasize communication as a key tool in protecting seniors from financial exploitation

In observance of World Elder Abuse Awareness Day on June 15, New Jersey Attorney General Matthew J. Platkin, alongside the Division of Consumer Affairs and the Bureau of Securities, launched a statewide initiative to underscore the role of social isolation in increasing seniors' vulnerability to financial fraud.

Authorities cited studies from the North American Securities Administrators Association indicating that socially isolated older adults are more likely to become targets of scams due to reduced access to trusted individuals who can help evaluate financial decisions. Scammers often leverage emotional manipulation, loneliness, and personal information—frequently gleaned from obituaries or social media—to defraud elderly individuals, especially during periods of grief or medical hardship.

Attorney General Platkin stated, “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.”

Recent Federal Trade Commission data revealed that in 2022, individuals aged 60 and older reported over $1.6 billion in losses to fraud. Of this, investment scams accounted for $404 million, marking a 175% increase from the previous year. Despite these figures, older adults remain less likely to report financial fraud, complicating efforts to track and mitigate abuse.

Acting Director of the Division of Consumer Affairs Elizabeth M. Harris emphasized the protective value of regular communication: “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.”

Keith A. Alt, Acting Bureau Chief, reinforced the Bureau of Securities' role in investor protection, noting that outreach and educational efforts are central to their mission. Throughout the year, the Division and the Bureau conduct numerous public events across New Jersey to help seniors recognize and avoid scams. These events provide attendees with anti-fraud resources such as the Division’s Anti-Fraud Tool Kit and various brochures designed to distinguish legitimate financial opportunities from deceptive schemes.

In a significant move to bolster protections, New Jersey in March 2025 introduced an electronic portal to support the implementation of the Safeguarding Against Financial Exploitation (SAFE) Act. This portal allows financial professionals to report suspected cases of elder financial abuse efficiently. Reports submitted through the portal are automatically entered into the Bureau's system, streamlining the compliance process for broker-dealers and investment advisers. The SAFE Portal is accessible on the Bureau’s website at njconsumeraffairs.gov.

This initiative aligns New Jersey with a broader national effort to combat elder abuse through awareness, education, and enforcement.