The Iowa Insurance Division yesterday joined 23 other state regulators across the country in launching an initiative to help physicians spot seniors who are particularly vulnerable to becoming victims of investment fraud.

The Elder Investment Fraud and Financial Exploitation Prevention Program will educate thousands of medical professionals in how to identify seniors with mild cognitive impairment who may be at risk of being victimized and refer them to state securities regulators.

“We’re excited about it; it’s another tool in the toolbox,” said Craig Goettsch, director of investor education for the Iowa Insurance Division.

The division will use a $29,675 grant from the Investor Protection Trust to fund continuing-education training for doctors and provide pamphlets for them to give to seniors.

According to the 2010 Investor Protection Trust Elder Fraud Survey, 7.3 million older Americans – one out of every five citizens over the age of 65 – already have been victimized by a financial swindle.