There are many instances of seniors being taken advantage by people who wish to gain access to their finances. Fraud is a huge problem in Minnesota and it can be hard for seniors to understand when there is illegal activity occurring. A new law aims to protect senior citizens from fraud on their financial accounts.
The Safe Seniors Financial Protection Act went into effect on August 1 in Minnesota. It is estimated that one out of every five Americans over the age of 65 will be the victim of financial fraud. The new law protects retirement savings for seniors in their pensions, 401ks and other funds.
Many scams occur over the phone where scammers pretend to be a person's relative, lottery officials, or love interests. The new law works by giving financial advisors the right to delay a transaction when they believe it may be fraud. They can delay the transaction by 15 days and report their suspicions to the Department of Commerce. The Department of Commerce can investigate the allegation and hold the accused accountable.
It is important for seniors and their money to be protected. If a family believes their loved one has been the victim of fraud, they may want to speak to an attorney. An attorney can investigate the circumstance surrounding the accusations and help determine if there was financial exploitation of a vulnerable adult or undue influence. They can help a family work through this emotional time, figure out what happened, and come up with the next steps that need to be taken.