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Post date: May 26 2016

A.G. Schneiderman Announces Launch Of Elder Investment Fraud And Financial Exploitation Prevention Program

Initiative Will Educate Medical Professionals About Investment Fraud Risks To Senior Citizen Patients

NEW YORK – Attorney General Eric T. Schneiderman announced today the launch of the Elder Investment Fraud and Financial Exploitation (EIFFE) Prevention Program in New York.  The EIFFE Prevention Program, which will be coordinated with the office’s Investor Protection Bureau, educates doctors who frequently treat older patients about the risks that investment fraud poses to their patients and provides doctors with tools to recognize and report suspected fraud. The first event will occur tonight at Mount Sinai Hospital in New York City, where Debra L. Bynum, a distinguished geriatrician, and representatives of the Attorney General’s Investor Protection Bureau presented a program to doctors and other medical professionals.

The New York State Office of Children and Family Services’ Bureau of Adult Services, which plays a key role in recognizing and responding to financial exploitation of vulnerable adults, will also take part in the Program.

“Older adults are at heightened risk of being victimized by financial fraud, and doctors, nurses, and other medical professionals can play a vital role by identifying potential fraud and abuse,” said Attorney General Schneiderman. “By learning about elder investment fraud, medical professionals can enhance the care they already provide to their patients.”

The EIFFE Prevention Program helps medical professionals understand what elder investment fraud is, how to recognize when their patients may be the victims of fraud, and to whom to report suspected fraud.  Doctors will learn how to identify and understand mild cognitive impairment, which can make seniors particularly vulnerable to fraud. Doctors will also learn the appropriate questions they can ask patients in order to help them avoid financial exploitation.

The EIFFE Prevention Program enhances the value of each doctor’s visit by providing a new opportunity for the prevention, detection, and reporting of investment fraud. The Attorney General’s Investor Protection Bureau will work with doctors to explain some of the most common scams that can affect vulnerable adults, how to direct their patients to report financial exploitation, and outline the role of the OAG in prosecuting securities fraud.

Studies show that approximately 20% of older Americans have been financially exploited, and that about 35% are afflicted by some form of cognitive impairment, which can make senior citizens particularly vulnerable to financial fraud.  In response to this reality, the EIFFE Prevention Program was created by the Investor Protection Trust and the Baylor College of Medicine in collaboration with the North American Securities Administrators Association and the National Adult Protective Services Association.  The EIFFE Prevention Program is presented in Continuing Medical Education (CME) training sessions designed to educate medical professionals who routinely see older individuals as part of their practices.

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