Financial fraud is one of the fastest growing forms of elder abuse. Financial elder abuse is when someone illegally or improperly uses a vulnerable senior’s money or other property. Many states now have laws that make elder financial abuse a crime and provide ways to help the senior and punish the scammer.
Elder financial abuse is tough to fight because it often goes unreported. Many elder victims are often too confused, fearful or embarrassed by the crime to report it. A recent study by Consumers Digest estimated that there are five million cases of this financial abuse in the United States each year, but law enforcement only learn about one in twenty-five cases.
You can protect yourself and your loved ones from financial elder abuse by familiarizing yourself with the most common scams and learning what to do if you suspect foul play.
Scammers target elders that they perceive to be vulnerable. It is often those who are isolated, lonely, physically or mentally disabled, unfamiliar with handling their own finances or have recently lost a spouse. Continue Reading Scam Alert! Financial Scams Targeting Seniors