The Commodity Futures Trading Commission (CFTC) issued a customer advisory on June 15, 2022, in recognition of World Elder Abuse Awareness Day, warning older adults about prevalent fraud schemes. The advisory highlights the increased vulnerability of seniors due to accumulated assets and emphasizes the importance of preventative measures.
The CFTC notes that fraudsters frequently target older adults, exploiting their savings and investments. Common scams involve digital assets, precious metals, over-the-counter foreign exchange (forex) trading, and other commodity derivative products, often initiated through social media, dating apps, messaging apps, or unsolicited communications.
The agency stresses that fraud isn’t limited to those easily deceived, but relies on exploiting emotional vulnerabilities and knowledge gaps. Major life events like health issues, loss of a loved one, divorce, retirement, financial hardship, and social isolation can increase susceptibility. Conversely, seeking second opinions, verifying the credentials of financial professionals, and staying informed about current fraud trends are effective safeguards.
The advisory encourages family and friends to intervene if they suspect an older adult is being targeted by a scam. The CFTC’s Office of Customer Education and Outreach (OCEO) is dedicated to investor protection and provides resources to check the registration of financial professionals and stay safe online. The full advisory and additional educational materials are available on the CFTC’s website at cftc.gov/LearnAndProtect.
The CFTC urges individuals to share this information to help protect themselves and others from becoming victims of fraud, emphasizing that awareness and communication are key to combating elder financial exploitation.
Source: CFTC.gov
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