How to Identify and Prevent Edler Financial Abuse
Ruby Care Senior Living Advisors
For more information about the author, click to view their website: Ruby Care Senior Living Advisors
May 30, 2023
Texas - Dallas, Collin, SE Denton & Rockwall Counties
How to Identify and Prevent Edler Financial Abuse?
Seniors are one of the most vulnerable populations targeted for financial abuse, frauds and scams. One in ten Americans age 60+ has experienced elder abuse and the most frequent abuse being financially (Forbes.com). How does this happen and what can you do to help protect yourself or your loved one from falling prey to this form of abuse? Let’s take a look at defining Elder Financial Abuse and the different things to look out for to help plan, discuss and prevent this type of abuse. With the holidays in full swing, there are unfortunately there are those looking to take advantage of our unsuspecting, vulnerable, and good-hearted seniors.
What is Elder Abuse?
According to Forbes.com, Elder financial abuse is defined as someone illegally or improperly using an elder’s (aged 60 or older) money or belongings for their own personal use.
The financial exploitation of elderly people comes at a great cost: It costs victims as much as $36.5 billion each year, according to the National Council on Aging. And it can be more difficult to detect than physical abuse and neglect because it’s often done by family members, trusted friends and caregivers.
Seniors are targeted simply because they have money in the form of pensions, retirement savings, or home equity, which are appealing to those looking to take advantage. Elder financial abusers can be family members, or people with whom the older person has had a relationship.
What do I need to Know?
The Mandated Reported callas attention to 5 Financial Elder Abuse Statistics Everyone Should Know?
1. Growing Concern of Financial Elder Abuse
Financial abuse is a growing problem. The Consumer Financial Protection Bureau found that reports of elder financial abuse quadrupled from 2013 to 2017, rising to 63,500 reports of suspicious financial activity involving seniors in 2017. Furthermore, it is believed that these formal reports of suspicious activity likely represent only a small fraction of suspicious financial activity involving seniors in 2017. Furthermore, it is believed that these formal reports only represent a small fraction of actual senior financial exploitation.
2. The Financial Burden Can be Hefty
Consumer Financial Protection Bureau found the average loss to an older adult who suffers financial exploitation is $34,200, and up to 7% reported up to $100,000.
3. When an Elder Knows Their Abuser, the Losses Can be Greater
When the senior knows the person exploiting them, they will often be taken for more money and losses, according to the Consumer Financial Protection Bureau. The senior often trusts the one looking after them to tell them the truth and not take advantage of them or their wealth.
4. Family Members are the Most Likely to Exploit a Senior
The National Center on Abuse reports that financial abuse occurs 54 % of the time by a family member. Often making this an even more difficult situation to get control of.
5. Abusers Often Have Their Own Financial Difficulties
The National Center on Elder Abuse reports up to 30% of financial elder abusers often have financial troubles of their own. Where less than 1% of non-related or unknown perpetrators had financial issues.
Know the Signs of Financial Abuse
Financial elder abuse is devastating. Fortunately, there are ways to recognize and report it to better help victims.
· fraudulent signatures on bills
· unusual or sudden changes in spending
· sudden changes to financial documents such as a will, etc.
How can I help prevent financial elder exploitation from happening?
An AARP article points out 5 ways to help prevent this from happening:
1. Designate someone you trust as your financial power of attorney.
2. Appoint a trusted contact for accounts and investments.
3. Sign up for a service that tracks your bank accounts, investments, and credit cards.
a. Tech tools such as EverSafe and LifeLock can detect suspicious activity and protect against identity theft.
b. It is also a good idea to consolidate finances: accounts, limit # of bank cards, subscriptions. Less is often more in ways of being able to manage effectively.
4. Stay in touch with loved ones.
5. Get to now your loved one’s caregivers.
a. Knowing them and being involved makes it less attractive for caregivers to take advantage.
b. When hiring in-home help, it is advisable to use a bonded agency that does background checks and takes action in case of theft.
AARP also has a great video pointing out 3 ways to Protect Against Elder Financial Abuse: 3 Ways to Protect Against Elder Financial Abuse - Top Videos and News Stories for the 50+ | AARP
Who do I go to if I believe my loved one is a victim of elder financial abuse?
· Contact Adult Protective Services (APS) for your area
· Contact your local District Attorney or Legal Aid office
· The National Association of Adult Protective Services has a state-by-state directory.
Ruby Care Senior Living Advisors wants all our seniors and their families to stay safe not only over the holidays, but throughout the year. Wishing you and yours Happy Holidays and a Blessed New Year!
Britt Hemsell – Ruby Care Senior Living Advisor & Blog Contributor
Resources:
Forbes.com: Elder financial abuse is defined as someone illegally or improperly using an elder’s (aged 60 or older) money or belongings for their own personal use.
Mandated Reporter: 5 Chttps://mandatedreporter.com/blog/5-crucial-senior-financial-abuse-statistics/rucial Senior Financial Abuse Statistics (mandatedreporter.com)
National Center on Elder Abuse: https://ncea.acl.gov/What-We-Do/Research/Statistics-and-Data.aspx
National Adult Protective Services: https://www.napsa-now.org/help-in-your-area
AARP: https://www.aarp.org/money/scams-fraud/info-2021/prevent-elder-financial-exploitation.html
- To view the original version of this article visit rubycaresenior.com/blog/f/how-to-identify-and-prevent-edler-financial-abuse
- Seniors Blue Book was not involved in the creation of this content.
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Housing Placement & Resource Specialists 5960 West Parker Rd Ste 278-215, Plano, Texas, 75093When Its Time for Senior Living, We Help You Find the Perfect Community for You! With over 900 senior living options in the DFW area, Ruby Care helps families make informed decisions. We provide complimentary assistance to find the most appropriate living community including Indepenent Living, Assisted Living, Residential Care Homes, Memory Care & Nursing Home. Our ExperienceIf you've been searching for senior housing for you or your loved one, you know there are hundreds of senior living communities in the Dallas/Fort Worth area. Let Ruby Care help you. We do the legwork at no cost to you and help you find the place that is perfect for you and your family.Our professionals are well-known in the communities they serve. In order to help you best, they network with health care providers, such as home health, hospice, rehabilitation facilities, hospitals, physicians and other senior service providers.Collectively, our team has over 50 years of experience in healthcare and we are trained to listen to your needs so that we can work to find the best options for you...at no cost! Why Us?We know this can be a stressful time for you as you choose your next home. When you work with us, you will be assigned a Senior Living Advisor (SLA) who knows the community and has first-hand knowledge of the communities you are considering. Your SLA will meet with you in person and will listen to your wishes, wants and needs in order to help guide your next steps. Your SLA will also help you with senior living community tours and preparation to help guide you through the selection process. We serve as your advocate and help make this a smooth, seamless transition. Once you have selected a community, we continue to follow up for at least the next thirty days to make sure things are going well and there are no outstanding concerns. possibilities. placement. peace of mind.