NASHVILLE – As World Elder Abuse Awareness Day approaches on June 15, 2024, the Tennessee Department of Commerce & Insurance (TDCI) Division of Securities emphasizes the importance of recognizing red flags that may indicate elder financial abuse or fraud, especially with unregulated investments like cryptocurrency.
“Our Department is committed to helping protect the dignity and financial independence of Tennessee’s elder population,” stated TDCI Commissioner Carter Lawrence. “Any Tennessee senior, loved one, or caregiver with questions about their investments or insurance policies should contact our team for assistance.”
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To assist senior investors and their loved ones, TDCI advises caution when considering investments in unregulated products such as cryptocurrency. Cryptocurrency is a digital-only currency, not backed by a bank or government, and has seen several exchanges file bankruptcy recently.
“Nothing about cryptocurrencies makes them fool-proof investments,” said TDCI Assistant Commissioner for Securities Elizabeth Bowling. “Given the volatile nature of cryptocurrency, the risk is even higher that you might lose your entire investment.”
To help senior investors, TDCI shares these tips:
– Understand the risks and be comfortable with them, including the possibility of losing your entire investment.
– Verify that the person or entity offering the investment is registered with securities regulators. Visit TDCI’s Securities division online.
– Avoid discussing investments or sharing personal information with avatars, as fraudsters may use them to build trust and promote phony schemes.
– Steer clear of unsolicited online investment advice.
– Be wary of misinformation, including fake news and online celebrity gossip, as scammers often use these to create false investment buzz.
For questions about investments or if you suspect securities fraud, contact the Securities Division at tn.gov/securities or 800-863-9117. Other types of elder abuse, including neglect or exploitation, should be reported to the Tennessee Department of Human Services, Adult Protective Services Unit at (888) 277-8366 or online, or to local law enforcement if there is immediate danger.
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Eastern Tennessee Observes Elder Abuse Awareness Day
U.S. Attorney Francis M. Hamilton III and various leaders in Eastern Tennessee recognized World Elder Abuse Awareness Day, emphasizing the importance of collaboration to protect the elderly from abuse and fraud, and highlighting several Justice Department initiatives aimed at combating elder exploitation.