WA DFI Urges Seniors and Families to Take Action This World Elder Abuse Awareness Day

Washington DFI Observes World Elder Abuse Awareness Day, June 15

State agency serves as “local cops on the beat” protecting people from financial fraud

Olympia – Today the Washington State Department of Financial Institutions (DFI) joins organizations worldwide to observe World Elder Abuse Awareness Day (WEAAD). As financial exploitation reaches record highs, state regulators and financial education partners are reaffirming their commitment to protecting senior investors from increasingly sophisticated threats.

"Protecting our seniors requires more than just national oversight, it requires local vigilance," DFI Director Charlie Clark said.  "DFI staff are on the ground every day, working to prevent the theft of a lifetime of hard work before the money leaves the account."

Financial exploitation remains a growing threat to older Americans. According to the North American Securities Administrators Association’s (NASAA) 2025 Enforcement Report, securities regulators like Washington’s DFI handled more than 3,600 complaints involving older investors and opened more than 1,650 investigations tied to senior financial exploitation and investment misconduct. Increasingly, these threats include digital asset schemes, social media fraud, AI-enabled impersonation scams, and ongoing efforts designed to exploit seniors’ trust and retirement savings.

State regulators like DFI serve as the primary "cops on the beat" for senior financial fraud protection. Because they operate within the communities they serve, they are often the first to identify local fraud trends and the only agency positioned to intervene quickly when a suspicious withdrawal is flagged.

DFI urges seniors and their families to take action:

Seek information on the many forms of financial fraud focused on seniors.

• Washington’s DFI shares consumer alerts and warnings about scams on the scam tracker to keep people informed.

Take steps to prevent financial fraud.

• Name a Trusted Contact as a "safety net" for your investment accounts – someone your financial advisor can contact if they can’t reach you or suspect fraudulent activity - and put in place legally binding arrangements (Power of Attorney, Will, Trust, etc.) to protect your finances.

• Learn how the Senior Safe Act and Washington State’s law protecting vulnerable adults can help keep seniors safe: This law provides a framework for financial professionals to report suspected exploitation to state regulators without fear of violating privacy rules.

Verify licenses of any financial professional.

• Ensure that you and your loved ones are working with legitimate companies and individuals. If you can’t find them on DFI’s pages, please call us at 877-746-4334 or reach out at dfi@dfi.wa.gov.

Never provide personal financial information without verifying the identity of the person asking for it.

• Phone numbers and emails can be spoofed.

• Don’t redial numbers that call you out of the blue or reply to emails you aren’t expecting and don’t share verification codes sent to you by text or email.

• Call the number and email the addresses listed on your statements or on the back of your credit cards.

Report financial fraud as soon as it’s discovered.

• If you suspect a senior is being targeted, file a complaint with DFI immediately.

“The earlier we can receive a complaint, the faster we can address the issue and share it with our partner agencies to stop the fraud and work to recover seniors’ funds,” DFI Division of Securities Director Faith Anderson said. “Also, seniors and their families need to know there is support for people who have been defrauded, you aren’t alone. Please don’t be ashamed or embarrassed – fight back. Report the criminals so we can prevent the fraud from continuing.”

Helpful resources:

• Washington State DFI’s financial fraud prevention pages where you can learn how to identify, prevent and report financial fraud.

• Washington State Adult Protective Services for information on how to help vulnerable adults and report abuse.

• Washington State Attorney General’s Office for information on topics affecting our state’s seniors.

• North American Securities Administrators Association Investor Education site.

• The Financial Industry Regulatory Authority (FINRA) has helpful handouts for people who have been defrauded and their friends and family members.

• National Center on Elder Abuse where you can learn more about the many forms elder abuse, how to prevent them and how to report them.

• The Federal Trade Commission’s Identity Theft site where you can learn what to do if you or a loved one has experienced identity theft, and file a report.