Regulators are taking steps to help advisors deal with the growing problem of senior financial exploitation.

The Securities and Exchange Commission (SEC), the North American Securities Administrators Association (NASAA) and the Financial Industry Regulatory Authority (FINRA) released a free training program on the issue for firms yesterday.

The new program, “Addressing and Reporting Financial Exploitation of Senior and Vulnerable Adult Investors,” provides firms and their reps and associated persons with a blueprint for detecting and preventing fraud, in addition to training modules about how to escalate and report suspected fraud.

Analysts looking at elder fraud have estimated losses in the range of $2.9 billion to $36.5 billion a year, the CFPB says. The people hit hardest—for an average loss of $45,300—were ages 70 to 79.

“By partnering with Finra and NASAA to offer this training program, we can help educate financial professionals on how to identify and report financial abuse of older adults,” SEC Chairman Gary Gensler said in a press release.

The training program also provides legal immunity to firms and advisors if they meet the requirements of the Senior Safe Act, which was designed to address barriers financial professionals face when they report suspected senior financial exploitation or abuse to authorities.

Specifically, the act protects “covered financial institutions,” which include investment advisers, broker-dealers, and transfer agents, and their eligible employees, affiliated persons and associated persons from liability in any civil or administrative proceeding for reporting a case of potential exploitation of a senior citizen to a covered agency, the SEC said.

The immunity established by the act is provided on the condition that employees receive training on how to identify and report exploitative activity against seniors before making a report. In addition, reports of suspected exploitation must be made “in good faith” and “with reasonable care.” This immunity applies to both individuals and firms.

Firms will, however, be required to customize the training to their business model and practices in order to qualify for immunity, according to the law.

The National Center on Elder Abuse reports that one in 10 seniors age 60 or older has experienced elder abuse. If a fiduciary was involved with the loss, the amount of money lost was steeper than in any other category, for an average of $83,600 per victim. If a non-family caregiver was the culprit, the average loss was $57,800; if it was a family member, the average loss was $42,700; and if it was a stranger, the average loss was $17,000, the CFPB found.

The training presentation is available at each of the regulators' websites.