HARRISBURG, Pa., Oct. 6, 2016 /PRNewswire-USNewswire/ -- As part of the national "Senior$afe Training Week," staff members from the Department of Banking and Securities and Department of Aging visited executives at Vanguard headquarters in Malvern and presented a program designed to help investment advisers and broker-dealers identify and report suspected cases of elder financial abuse.
"With so many senior citizens calling Pennsylvania home, it is critical that our commonwealth's financial services community understand the distinctive challenges facing their older clients as well as what they can do to prevent this form of abuse," said Secretary of Banking and Securities Robin L. Wiessmann. "Elder financial abuse is the 'Crime of the 21st century, and I am pleased that we now have 'Senior$afe' as a tool to help prevent this crime."
The Senior$afe presentation helps financial professionals identify the several "red flags" of suspicious behavior of their clients and/or those close to their clients, as well as types of financial account activity that could indicate fraud, exploitation, or abuse. Additionally, Senior$afe helps financial professionals understand how Adult Protective Services works to protect senior citizens and how they themselves can report suspicious behavior or account activity to help protect their clients.
"Vanguard takes very seriously our obligation to safeguard our clients' assets and are pleased to support the Senior$afe initiative. We look forward to augmenting our best practices to increase the safety and security of our clients," said William A. Matysik, head of Global Fraud Prevention.
The Senior$afe training program was developed by the Maine Council for Elder Abuse Prevention and the North American Securities Administrators Association (NASAA). Pennsylvania is one of 11 states to be piloting this program during October. The department's effort is part of Governor Tom Wolf's Consumer Financial Protection Initiative, which was announced last year to help professionals working with senior citizens identify signs of elder financial abuse and prevent this crime.
NASAA is the oldest international organization devoted to investor protection. Its membership consists of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, the provinces and territories of Canada, and Mexico.
Vanguard is one of the world's largest investment management companies. As of August 31, 2016, Vanguard managed more than $3.8 trillion in global assets.
Members of the general public can call the Department of Banking and Securities consumer helpline (1-800-PA-BANKS or 1-800-600-0007) or visit www.dobs.pa.gov to file a complaint or ask questions about financial products, transactions, or companies. You can follow financial news, trends, and the PA Department of Banking and Securities on Facebook and Twitter.
Media contact: Ed Novak, Banking and Securities, (717) 783-4721
John Woerth, Vanguard, (610) 669-6224
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SOURCE Pennsylvania Department of Banking and Securities