Bismarck, N.D. — In recognition of World Elder Abuse Awareness Day on June 15, the North Dakota Securities Department is raising awareness about the devasting impact social isolation can have on older investors in North Dakota.
Social isolation, whether voluntary or involuntary, significantly contributes to the financial exploitation of older investors. Scammers often target seniors during vulnerable times, such as health crises or after the death of a loved one, using personal details from obituaries and social media posts. Scammers may also exploit trust within seniors' social and support groups to become more involved in their lives.
“We are committed to empowering older investors in North Dakota and their loved ones with the tools they need to prevent investment fraud. Knowledge and vigilance are our best defenses against scammers,” said Tim Karsky, North Dakota Securities Commissioner.
To protect older investors, Commissioner Karsky stresses the importance of regular contact with seniors to reduce isolation and vulnerability. Open conversations about fraud and scams within families can also enhance seniors' security and reduce their risk of financial exploitation.
The North Dakota Securities Department is a member of the North American Securities Administrators Association (NASAA), which has developed a variety of resources to help protect investors from scams. You can find NASAA’s investor advisories on its website, including one on social isolation and the risk of investment fraud.
Commissioner Karsky asks anyone with suspicions of possible senior financial exploitation to contact the agency at (701) 328-2910 and ndsecurities@nd.gov.
For More Information Contact:
North Dakota Securities Department
Alysia Huck, Communications & Outreach Director | 701-934-8644 (c)