Senior$afe was created in Maine for use by banks and credit unions in order to increase identification and reporting of suspected cases of elder financial exploitation. NASAA has collaborated with the Maine Council for Elder Abuse Prevention to retool Senior$afe so that it is available not only for banks and credit unions but also for broker-dealers and investment advisers.
Sadly, senior investors are often targets of financial fraud, scams, and exploitation; in part, because they own tangible assets including homes and pension streams that are attractive to scam artists.
Key to the success of the program is the development of strong working relationships with your Adult Protective Services agency as well as community based resources. Senior$afe uses a “no wrong door approach,” so that no matter which agency a report goes to, there is a commitment to make sure the report gets into the hands of the correct agency or community resource. By establishing these relationships, you can assure that the Senior$afe safety net is there to protect your senior clients.