On June 15, 2025, Governor Bill Lee of Tennessee proclaimed the day as World Elder Abuse Awareness Day. This initiative aims to shed light on the critical issue of elder financial abuse, particularly in the context of investing in unregulated financial products such as cryptocurrencies and other digital investments. The Tennessee Department of Commerce & Insurance (TDCI), through its Division of Securities, is taking this opportunity to highlight the importance of recognizing the warning signs associated with financial exploitation of older adults.
Commissioner Carter Lawrence of TDCI emphasized the agency’s commitment to safeguarding the dignity and financial autonomy of Tennessee’s senior citizens. He stated, “Helping protect the dignity and financial independence of Tennessee’s elder population aligns perfectly with our mission of protecting Tennesseans and empowering professionals.” He encouraged seniors, their caregivers, and family members to reach out to TDCI’s securities team whenever they have inquiries regarding their financial investments or insurance matters.
The TDCI is urging consumers to be vigilant when considering investments in unregulated products, including cryptocurrencies. Assistant Commissioner for Securities, Elizabeth Bowling, cautioned that “Cryptocurrencies are not fool-proof investments no matter what you might have heard.” She pointed out that due to the highly volatile nature of these digital currencies, there is an increased risk of losing one’s entire investment. For those contemplating cryptocurrency investments, Bowling advised contacting her team for guidance at 800-863-9117 or visiting tn.gov/securities for further information or to report suspected fraud.
To assist senior investors, TDCI has provided several recommendations. These include understanding the risks associated with investments and ensuring personal comfort with those risks, verifying the credibility of the individuals or organizations offering investment opportunities, refraining from discussing financial matters with digital representatives, and remaining cautious of misinformation. Additionally, any instances of elder abuse, which may involve neglect or exploitation, should be reported to the Tennessee Department of Human Services, specifically the Adult Protective Services Unit, by calling (888) 277-8366 or through their online portal. In cases of immediate danger, contacting local law enforcement is advised.