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New program aimed at protecting older Hoosiers

Written by ryan. Posted in Uncategorized

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Published on February 02, 2011 with No Comments

A national initiative in partnership with Indianaís Investment Watch program began Jan. 19 with the goal of protecting at-risk seniors from investment scams and financial abuse.
The Elder Investment Fraud and Financial Exploitation (EIFFE) Prevention Program is intended to educate medical professionals about how to spot seniors who might be vulnerable to investment fraud due to mental impairment and how to refer them to securities regulators and adult protective services professionals. The efforts involve 22 states
The financial and physical well-being of Indianaís seniors go hand in hand. The Secretary of Stateís Securities Division is committed to protecting seniorsí financial vitality while health care professionals are focused on their mental and physical health.
ìWe are excited to bring the EIFFE Prevention Program to Indiana and join forces with medical professionals who are working directly with seniors,î said Indiana Securities Commissioner Chris Naylor. ìThe more awareness that can be brought to screening senior patients for signs of financial abuse, the more likely our office will be able to help potential Hoosier victims before itís too late.î
Senior citizens have long been the target of investment scam artists. According to the 2010 Investor Protection Trust (IPT) Elder Fraud Survey, more than 7 million older Americans ñ one out of every five citizens over the age of 65 ñ have been victimized by a financial swindle. Additionally, about a third of residents in the United States over the age of 71 have mild cognitive impairment or Alzheimerís disease, making them more susceptible to investment scams and other financial abuse.
The goal for the program includes a two-pronged approach: to train medical professionals to screen for risk factors that make seniors more susceptible to fraud or being financially exploited; and to educate those in the medical field on the resources available to help potential victims.
Indiana Investment Watch is partnering with the Indiana University Center for Aging Research to host continuing medical education workshops later in the year.
Based on a successful pilot program in Texas, the EIFFE Prevention Program is a collaboration between the Investor Protection Trust, the Investor Protection Institute, the North American Securities Administrators Association and the National Adult Protective Services Association in cooperation with leading U.S. medical associations. For more information, visit www.investorprotection.org.
Indiana Investment Watch educates Hoosiers about the various types of investment and mortgage fraud and promotes financial literacy in Hoosiers of all ages. The program is not funded by taxpayer dollars, but rather by the money collected from settlements in securities fraud cases. For more information, visit www.indianainvestmentwatch.com.
If you feel you have been the victim of investment fraud, call the Secretary of Stateís Securities Division at 800-223-8791.

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