TDCI Offers Helpful Tips to Prevent and Identify Elder Abuse
NASHVILLE – Tennessee Governor Bill Lee has proclaimed Sunday, June 15, 2025, as World Elder Abuse Awareness Day in Tennessee.
To support this designation, the Tennessee Department of Commerce & Insurance’s (TDCI) Division of Securities is highlighting the importance of learning the red flags that might indicate elder financial abuse or fraud when it comes to investing in unregulated products such as cryptocurrency and any “virtual” investments.
“Helping protect the dignity and financial independence of Tennessee’s elder population aligns perfectly with our mission of protecting Tennesseans and empowering professionals,” said TDCI Commissioner Carter Lawrence. “Any Tennessee senior, caregiver, or loved one should always remember to contact TDCI’s securities team if they have a question about their financial investments or insurance policies.”
To assist senior investors and their loved ones, TDCI reminds consumers to always be cautious when it comes to investing in unregulated products such as cryptocurrency and any “virtual” investments.
Cryptocurrency is an unregulated, digital-only currency that is not backed by a bank or a government and has no physical presence in the real world. While cryptocurrency has grown in popularity among investors of all ages in recent years, several cryptocurrency exchanges have filed bankruptcy in recent weeks.
“Cryptocurrencies are not fool-proof investments no matter what you might have heard,” said TDCI Assistant Commissioner for Securities Elizabeth Bowling. “Considering the volatile nature of cryptocurrency, the risk is even higher that you might lose your entire investment. Before making an investment in cryptocurrency, contact my team by phone at 800-863-9117 or online at tn.gov/securities or for more information or if you suspect fraud has occurred.”
To help senior investors, TDCI is sharing these tips:
- Understand the risks and make sure you are comfortable with them, including the possibility that you might lose your entire investment.
- Verify that the person or entity offering the investment is registered with one or more securities regulators. Visit TDCI’s Securities division online here.
- Avoid discussing investments or sharing personal or account information with avatars, or digital representations of users that can take on any appearance or personal attribute. Fraudsters may try to leverage shared interests, ideas, and goals to build trust and convince investors to invest in phony investment schemes.
- Steer clear of unsolicited online investment advice.
- Be wary of misinformation including fake news and online celebrity gossip as scammers write fake online articles and social media posts that create buzz by falsely stating a celebrity or public figure is involved in technology investment.
Other types of elder abuse involving abuse, neglect, or exploitation should be reported to the Tennessee Department of Human Services, Adult Protective Services Unit by phone at (888) 277-8366 or online, or, if there is immediate danger, to local law enforcement.
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