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Giannoulias Raises Awareness to Prevent Elder Financial Abuse

By Lindsay Romano Jun 16, 2025 | 7:13 AM

June 16, 2025 – Illinois Secretary of State Alexi Giannoulias is partnering with the North American Securities Administrators Association (NASAA) to highlight the tragic link between social isolation and financial abuse among Illinois’ senior population.

Social isolation, whether voluntary or involuntary, can cause an increased risk of financial exploitation for seniors. Scammers frequently target older populations during vulnerable times like health crises or after the death of a loved one, using phony texts, emails or social media posts to convince them to release personal financial information.

“Protecting our seniors is crucial in creating a safe environment for all Illinoisans,” said Giannoulias. “Spreading knowledge to older loved ones about financial literacy and the dangers of online scams will help keep them safe.”

Giannoulias warned Illinoisans never to click on links from unknown senders and not to fall for promises of big profits with no risk involved.

Giannoulias also encouraged people to keep in regular contact with seniors to help reduce feelings of loneliness that may lead them to online sites for social interaction. Open conversations about fraud and scams within families can also enhance seniors’ security and reduce their risk of financial exploitation.

The Illinois Secretary of State’s Securities Department stands ready to help Illinoisans avoid scam and fraud attempts. Visit www.ilsos.gov/protectinginvestors to learn more.

NASAA has developed additional resources on how to protect oneself from investment scams. Investor advisories on topics including social isolation and investment fraud are available at www.nasaa.org.