The New Jersey Attorney General and Division of Consumer Affairs announced March 26 the launch of a new online portal. The tool aims to make it easier for financial professionals to report suspected financial abuse targeting elderly and other vulnerable adults.

Officials say the electronic portal will support the process for financial professionals to comply with the Safeguarding Against Financial Exploitation (SAFE) Act.

The state law took effect in April 2020. It requires broker-dealers and investment advisers to notify the New Jersey Bureau of Securities of suspected or attempted financial exploitation of vulnerable adults (defined as those who are 65 or subject to the Adult Protective Services Act).

Since the law took effect, financial professionals have alerted the Bureau of more than 1,200 cases of suspected fraud. Additionally the results have halted financial disbursements from dozens of accounts belonging to suspected victims.

Previously, professionals submitted notifications via email based on a series of questions posted on the Bureau’s website. The new portal allows financial professionals to directly submit information as well as upload supporting documents into a digital reporting system. Then, the Bureau’s database automatically logs that information.

‘Before it’s too late’

“As financial exploitation of seniors and other vulnerable adults increases nationwide, New Jersey is making it easier than ever for investment professionals to comply with their responsibility to report it,” said Attorney General Matthew Platkin in a March 26 press release. “By taking a few minutes to upload a fraud alert on the new SAFE Portal, they can help put a stop to schemes and scams that threaten the financial security of at-risk individuals.”

DCA Director Cari Fais noted that many vulnerable adults do not realize they are being financially preyed upon – until their money is gone.

“Investment professionals are intimately familiar with their clients’ finances and therefore are often the first to notice when something is amiss,” said Fais. “The SAFE Portal allows them to report their suspicions more quickly, providing the Bureau a better opportunity to step in before it’s too late.”

Elizabeth Harris, bureau chief of the Bureau of Securities, said her office commends the Garden State’s registered financial professionals for stepping up to fulfill their responsibility in this space.

“Our new SAFE Portal makes it easier for them to submit reports to the Bureau and provides that information to us in a manner that quickly facilitates our review,” said Harris.

The new SAFE Portal is available here.