Elder Financial Abuse: What it is and How to Stop it
Elder financial abuse – it’s an issue that ‘s been around as long as the elderly have had property and income. Generally speaking, an elderly person is sixty-five years or older, and is also known as a senior citizen. The crime is a term for the misuse of the funds gathered by them. In addition to funds, exploitation of a person’s property and resources also qualify as abuse.
While the crime has been around for several years, it had been only given nationwide attention in recent times. In 2011, well known Hollywood actor Mickey Rooney sued a stepson for alleged abuse. Public awareness increased after the revelation of his case.
A study done by a primary worldwide insurance provider revealed that almost three billion dollars a year is lost because of the crime. This is due to the numerous tactics utilized by the bad guys to steal from senior citizens. Spotting the abuse is fairly easy. Sadly, a number of cases happen within families. And unless other individuals become involved, instances won’t see the light of day.
What constitutes as elder financial abuse and who’s responsible for it?
The term is in reality a blanket term for a wide range of criminal activities. These crimes involve the employment of trickery, deception, and coercion to get into the funds, resources, and properties of a senior citizen. People that are usually found guilty include caregivers, scammers, and sorry to say, members of the family. Instances of exploitation committed by these individuals consist of:
– Misuse of personal checks, credit cards, and other financial accounts – It’s usually done by forging the signature of an elderly person.
– Stealing of cash, pension checks, and other prized possessions.
– Identity theft – Senile folks frequently fall victim to this kind of attack. Devious people take advantage of the fact that the elderly are confined to homes or nursing facilities. On the plus side, bank fraud lawyers take the necessary actions to remedy such problems
Don’t assume all sinister acts are committed by singular individuals, however. You’ll find times when even healthcare is used as a tool to extort funds from the elderly. These businesses make use of an elderly person’s fragile frame of mind. Healthcare provider and other scams consist of:
– Special “prizes” for senior citizens that must be paid for.
– Charging excessively for healthcare that is not given.
Elder financial abuse happens simply because of a senior citizen’s slowing mental capacity, especially those that are senile. Loneliness also plays a factor in the abuse. Typically, victims are widows or widowers. Statistically, women are particularly vulnerable to abuse. Research indicates that women outlive men. The elderly women that outlive their spouses typically are members of a generation where the male was the one who handled the finances.
If you know someone that may be a victim of this sort of abuse, it may be best to tell the authorities. In cases where you personally know the family and are fearful of being called an intruder in family issues, there are anonymous hotlines you could call.
Abbie Kirby is colleagues with a bank fraud lawyer concentrating on elder financial abuse cases.
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