disb

Department of Insurance, Securities and Banking

Bowser Administration Commits to Justice on World Elder Abuse Awareness Day

Wednesday, June 15, 2022

 

Washington, DC–Today, the Bowser Administration, in recognition of World Elder Abuse Awareness Day on June 15, encourages residents to protect District of Columbia seniors by reporting possible financial fraud or exploitation to the Department of Insurance, Securities and Banking (DISB). A 10 am panel discussion that day will feature fraud avoidance tips.

“We want to do all we can as a community to stop the exploitation of seniors in all of its forms including financial exploitation,” said DISB Commissioner Karima M. Woods. “Throughout the year and in all eight Wards, DISB provides financial education and relevant fraud prevention information to District seniors.”

Although elder abuse comes in many forms—physical, financial, emotional, neglect or abandonment—financial abuse is the most common. The financial abuse of elders costs its victims an estimated $2.9 billion a year, according to the Investor Protection Trust. Every year, an estimated 5 million, or one in 10, older Americans are victims of elder abuse, neglect or exploitation, and many cases go unreported.

District residents, especially seniors, their families, caregivers and neighbors, are encouraged to virtually attend the DC World Elder Abuse Awareness Day Panel Discussion on June 15 from 10 am to 11:30 am. The live event will feature presentations and interaction with representatives from local government agencies and non-profit organizations engaged in supporting District elders. The forum can be joined via Webex (meeting number: 2760 991 1758; meeting password: J74Pmu3qhkR) or by phone at 1-929-251-9612.

DISB has provided financial fraud prevention education at nearly 40 senior-focused events since June of last year in coordination with the District’s Elder Abuse Prevention Committee and other local and federal government agencies. To request a DISB presentation in your community, visit the DISB speaker request webpage.

DISB offers tools to identify and report financial abuse or exploitation in collaboration with the North American Securities Administrators Association and the National Adult Protective Services Association. Investment fraud is an area of particular concern, as victims can see their life savings depleted with little opportunity to recover financial stability. Seniors interested in investing and their caregivers are urged to “investigate before investing” by calling DISB at (202) 727-8000 to verify that brokers and investment opportunities are legitimate.

Financial fraud and abuse in the District should be reported to DISB at (202) 727-8000 or online at disb.dc.gov.

Elder abuse, neglect, self-neglect and exploitation should be reported to District of Columbia Adult Protective Services at (202) 541-3950.

About DISB

The mission of the Department of Insurance, Securities, and Banking (DISB) is three-fold: (1) cultivate a regulatory environment that protects consumers and attracts and retains financial services firms to the District; (2) empower and educate residents on financial matters; and (3) provide financing for District small businesses.

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