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ACC Stresses Community Vigilance to Protect Elders from Financial Abuse

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In the face of an ongoing issue with elder financial abuse, the Arizona Corporation Commission (ACC) is urging citizens and investment professionals alike to be alert to any signs of exploitation and fraud. The ACC asserts that regular check-ins with seniors—be they family members, neighbors, or friends—could go a long way in preventing the unsuspecting elderly from falling victim to such abuses.

Among their protective measures, the ACC recommends appointing a trusted individual on every senior's account. This individual, whom the investor authorizes, can be contacted by financial firms when suspicious activities arise on an account and the firm can't reach the investor directly. This person can be a family member, a lawyer, an accountant, or any other third party who respects the investor's privacy and is equipped to shoulder this responsibility.

Doug Clark, the ACC's Executive Director, emphasizes that "Having at least one trusted contact adds an extra layer of security to your accounts and improves your financial risk profile." Clark's comments highlight the proactive approach the ACC takes to deter financial abuse and exploitation of seniors. It achieves this through a range of resources, investor outreach programs, and media campaigns.

The North American Securities Administrators Association (NASAA), a notable member of which includes the ACC, provides valuable resources to help citizens understand the concept of trusted contacts, their importance, and how they help in safeguarding investors. For those interested in more in-depth information, NASAA has made a series of instructional videos about trusted contacts, available on its YouTube channel.

For a complete understanding of trusted contacts and how they function, the ACC's investor education website, azcc.gov/azinvestor, hosts a comprehensive factsheet in the Investor Resources-General section. The site also contains links to other pertinent information that could prove helpful.

If you suspect any instance of elder financial abuse, the ACC strongly encourages you to take immediate action. Reach out to their Duty Officer at This email address is being protected from spambots. You need JavaScript enabled to view it. or call (602) 542-0662. Toll-free assistance within Arizona is also available at +1 (866) VERIFY-9.

By raising awareness and promoting proactive measures, we can collectively help safeguard our elderly population from financial exploitation and fraud. Everyone has a part to play in creating a safer community for our senior citizens.
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Monday, 26 February 2024

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