New Rules Battle Financial Scams, Elder Abuse

The next time you meet with your financial adviser, you may be asked to supply a trusted point of contact, which is a relative or friend to call if the adviser has a reasonable belief that you might be a victim of financial exploitation. Perhaps you've suddenly decided to liquidate your conservative investments and deposit the money overseas. Or a niece you never had much contact with is back in your life, asking for money.

Your adviser also could put a temporary hold on a suspicious disbursement request from you, so your money is safeguarded until the concern is investigated. Typically, once money leaves an account, it's difficult to get back.

These changes are included in several new laws and regulations to protect seniors and their money. For older adults, financial exploitation is a growing problem. AARP's Public Policy Institute reported in 2016 that one in, says Mark Bauer, a Stetson University College of Law professor who specializes in consumer law.