Elder Financial Abuse: What it is and How to Stop it

Elder financial abuse – it’s an issue that has been around as long as the elderly have had property and money. Usually, 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. Along with funds, exploitation of a person’s property and resources also qualify as abuse.

Even though the crime has been around for years, it had been only given nationwide attention in recent years. In 2011, famous Hollywood actor Mickey Rooney sued a stepson for alleged abuse. Public awareness developed after the revelation of his case.

A study carried out by a major international insurance provider revealed that approximately three billion dollars a year is lost because of the crime. This is because of the numerous tactics used by the bad guys to steal from senior citizens. Discerning the abuse is rather easy. Regrettably, a number of cases occur within families. And unless other individuals become involved, stories won’t see the light of day.

What is considered as elder financial abuse and who’s guilty of it?

The phrase is really a blanket term for a variety of criminal activities. These crimes involve the usage of trickery, deception, and coercion to get into the funds, resources, and properties of a senior citizen. People that are generally found guilty include caregivers, con artists, and sad to say, family members. Types 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 persons often fall victim to this kind of attack. Devious people utilize the fact that the elderly are restricted to homes or nursing facilities. Thankfully, bank fraud lawyers take the required actions to fight such problems

You cannot assume all sinister acts are committed by singular individuals, however. You will find times when even healthcare is used as a tool to extort funds from the elderly. These businesses exploit an elderly person’s fragile state of mind. Healthcare provider and also other scams consist of:

– Special “prizes” for senior citizens that has to be paid for.

– Charging too much for healthcare that isn’t offered.

Elder financial abuse happens because of a senior citizen’s lagging mental capacity, especially those that are senile. Loneliness also plays a role in the abuse. In most cases, victims are widows or widowers. According to statistics, women are especially at risk of abuse. Research indicates that women live longer than men. The elderly women that live longer than their companions often belong to a generation where the male was the one who dealt with the finances.

If you know somebody that might be a victim of this sort of abuse, it may be best to inform the authorities. In instances where you personally know the family and are fearful of being labeled as an intruder in family issues, you can find anonymous hotlines you could call.

Source by AbbieKirby

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