In recognition of World Elder Abuse Awareness Day on June 15, the Wisconsin Department of Financial Institutions (DFI) reminds financial professionals and Wisconsin residents to be on the lookout for signs of elder abuse and financial exploitation. Elder abuse encompasses a range of behaviors including physical abuse, emotional abuse, sexual abuse, neglect, unreasonable confinement or restraint, and financial exploitation.
In 2023, Dane County Adult Protective Services staff investigated 408 reports of elder abuse in Dane County alone, 63% of which were substantiated. Of those reports in 2023, financial exploitation was the highest category of reported elder abuse, with Dane County residents losing over $1 million to financial exploitation.Â
Statewide, the DFI’s Division of Securities opened approximately 115 new investigations in 2022 and issued 22 administrative orders against 43 perpetrators of investment fraud, with approximately $20,812,565 in restitution and disgorgement ordered to be returned to investors. Senior victims can be found in at least half of those cases.
Wisconsin data confirms older investors are just as vulnerable as the rest of the population to cryptocurrency and internet/social media scams, which the DFI expects to continue as a top threat in 2024. Since March 2023, the DFI has received 22 complaints from persons who describe losing over $2.3 million through financial grooming crypto scams.
A list of red flags of a romance or financial grooming scam are available here. Investment fraud can be reported to the DFI’s Division of Securities via email or by calling (608) 266-2139. For more information, visit the DFI’s investor resources webpage.
