In Trenton, New Jersey officials are marking World Elder Abuse Awareness Day on June 15 by highlighting the connection between social isolation and elder financial fraud. Attorney General Matthew J. Platkin, alongside the Division of Consumer Affairs and the New Jersey Bureau of Securities, is spearheading this awareness initiative.
Research indicates that social isolation significantly increases the risk of financial exploitation among older investors. The North American Securities Administrators Association (NASAA) notes that socially isolated seniors often lack a support network for discussing financial matters, making them more vulnerable to scammers' approaches and emotional manipulation. Loneliness can also make these individuals prime targets for internet scammers offering friendship or romance as a means to gain trust.
Attorney General Platkin stated, "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." He emphasized that maintaining regular contact with elderly friends or loved ones can greatly reduce their vulnerability to financial exploitation.
Data from the Federal Trade Commission reveals that in 2022, people aged 60 and over reported losing over $1.6 billion due to fraud, with investment scams accounting for $404 million—a 175% increase from the previous year. The analysis also shows that older adults are less likely to report losing money to fraud.
Scammers often target seniors during vulnerable times such as health crises or after a loved one's death, using personal details found in obituaries and social media posts. They may also exploit trust within seniors' social circles to become more involved in their lives.
Elizabeth M. Harris, Acting Director of the Division of Consumer Affairs, commented on the impact of elder fraud: “The consequences of falling victim to elder fraud can be devastating, leaving seniors financially ruined and emotionally traumatized.” She highlighted communication as a key preventive measure against such abuse.
Keith A. Alt, Acting Bureau Chief, reiterated this commitment: “Safeguarding New Jersey seniors from financial exploitation is essential to the Bureau’s investor protection mission.” He noted ongoing efforts to provide information and resources necessary for protecting vulnerable residents from scams.
Educational outreach is an integral part of these efforts. Each year, teams from both divisions conduct numerous events across New Jersey aimed at educating seniors about recognizing and avoiding financial scams. These events feature materials like the Division’s Anti-Fraud Tool Kit along with various brochures designed to help seniors distinguish legitimate businesses from hoaxes and identify red flags associated with investment fraud.
In March 2025, New Jersey enhanced its senior protection measures by launching an electronic portal under its Safeguarding Against Financial Exploitation (SAFE) Act. This portal facilitates reporting suspected financial abuse targeting older investors by allowing financial professionals easy access for submitting information digitally through the Bureau's website.
