DORA divisions introduce Senior$afe program to fight financial abuse of Colorado elders
DENVER — A new program in Colorado aims to educate investment advisers, broker-dealers, and financial institutions on how to recognize the warning signs of financial exploitation of the senior population.
The program, called Senior$afe, is a three-part program designed to educate financial representatives that are best positioned to identify red flags of abuse or exploitation early on and encourage reporting to state and federal agencies including the Division of Securities and Adult Protective Services.
“Vulnerability to financial exploitation increases with age and Colorado’s senior population is growing very quickly”, said Colorado Securities Commissioner Gerald Rome. “Many financial representatives have closer relationships with their clients and customers and time is of the essence when fighting senior financial exploitation. Senior$afe is one way to protect our growing senior population in regards to this type of financial abuse.”
The training, which will be conducted through a combined effort between the Divisions of Securities, Banking, and Financial Services and statewide financial firms and institutions, involves recognizing and reporting the red flags of potential elder financial exploitation, such as sudden large withdrawals or uncharacteristic attempts to wire large sums of money.
Senior$afe uses a “no wrong door approach,” so that no matter which agency the report goes to, there is a commitment to make sure the report gets into the hands of the correct agency or community resource.
“We’re excited that our financial regulatory divisions within DORA are able to partner to bring this important message to Colorado financial industry members,” stated DORA Executive Director Joe Neguse. “Colorado is a great place to retire, and we want to help ensure that anyone who chooses to live their golden years in our state is protected from abuse and exploitation. This program is a great step toward achieving that goal.”
Senior$afe is a joint initiative with the North American Securities Administrators Association (NASAA). For more information, visit www.serveourseniors.org. Visit www.askdora.colorado.gov for more tips on identifying and preventing financial fraud.