How to Identify and Prevent Edler Financial Abuse

Author

Ruby Care Senior Living Advisors

For more information about the author, click to view their website: Ruby Care Senior Living Advisors

Posted on

May 30, 2023

Book/Edition

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


Other Articles You May Like

Cory St. Aubin: A Beacon of Inspiration at HarborChase of Plano

Cory St. Aubin: A Beacon of Inspiration at HarborChase of PlanoCory St. Aubin, a distinguished figure at HarborChase of Plano, has recently been featured in the Plano Star Courier's "Plano Women of Inspiration" series. Known for her natural ability to encourage and inspire, Cory is passionate about seeing women thrive across various industries. Her dedication to the growth and well-being of the Plano community is rooted in her own upbringing and the impactful mentorship she received.A Legacy of EncouragementGrowing up in Plano, Cory was fortunate to be mentored by Emily Watson, a figure who profoundly influenced her approach to life and career. Emily challenged Cory not just to think outside the box, but to live outside it. This philosophy has become a cornerstone of Cory's professional and personal endeavors.Im a natural encourager and love seeing women thrive in their industry. I grew up in Plano and was blessed to have been mentored by Emily Watson, who challenged me to not just think outside the box but live outside the box, Cory shared in her interview with the Plano Star Courier.Fostering Growth in PlanoCorys career, which began in Plano, is marked by a continuous effort to build relationships and seize opportunities within the city. Her deep connection to the community has driven her to contribute significantly to its growth and well-being.When asked about her involvement in the Plano community, Cory emphasized the importance of authenticity and relationship-building. I advise women to keep it real and not take themselves too seriously. Create and nurture meaningful relationships that inspire women to excel, grow, and push the limits of success, she advised.Impactful Community EngagementOne of Corys notable contributions is her work with the Alzheimer's Association. Over the past few years, she has been instrumental in spreading awareness and education about Alzheimer's disease. A particularly memorable event was "Mapping the Journey," which brought together hundreds of people in Plano to foster education, awareness, and a sense of community around this critical issue.Seeing so many come together with one mission was significant, Cory reflected, highlighting the power of community collaboration.Inspiration and FaithCory credits her faith and the support of key individuals for her commitment to community service. As a woman of faith, I am thankful to the Lord for the gifts that he has placed in me and the open doors he has provided to continue to make an impact in my community, she expressed. Looking ForwardAs Cory looks to the future, she remains open to new adventures and opportunities to serve her community. Who knows what new adventure awaits me, but rest assured I will be ready, she said, embodying the spirit of a true Woman of Inspiration.Cory St. Aubins journey is a testament to the power of mentorship, faith, and community engagement. Her story continues to inspire many in Plano and beyond, as she remains dedicated to fostering growth, encouraging others, and making a lasting impact. For More Information on HarborChaseof Plano Click HERE.  Author: Kathleen Warshawsky, BSN, RN | Publisher, Seniors Blue Book Greater Dallas

We are a Veteran-Owned Business Proud to Serve our Community

Veteran-owned HomeWell puts veterans first, offering exceptional in-home care that honors their service and values.As veterans, we understand the importance of protecting the well-being of others. Our service-driven approach is rooted in the values of perseverance, respect, dignity and honor as we aid families in need, support fellow veterans and help our community thrive through exceptional in-home care services. Committed to providing you with the peaceful retirement youve earned.The retirement years of those who have served should be marked by dignity, comfort and belonging. However, for veterans whose years of service are etched with valor and sacrifice, life as a citizen can prove challenging. Depending on their experiences, the transition to normalcy and everyday life can be a long-term endeavorone that continues well into their senior years.At HomeWell, weve found that the comfort of home can make all the difference for our esteemed soldiers who seek to age gracefully. For these individuals, maintaining autonomy is not just a preference; its a testament to the resilience that defines them. By bringing care directly to their doorstep, senior veterans can enjoy the familiarity of their own space while receiving the individualized care they need. Our role in veterans care:Our service-driven approach is rooted in the values of perseverance, respect, dignity and honor as we support veterans and their families, ultimately helping our community thrive through exceptional in-home care services. We thoughtfully consider the individual needs of each veteran entrusted to our care to develop a highly personalized plan that takes into account their physical, mental and emotional well-being at home.We also extend a helping hand to veterans and their families as they navigate their finances. We understand that paying out of pocket often hinders them from pursuing non-medical home care. However, if your loved one is enrolled in health care from the Department of Veterans Affairs (VA) or has a monthly VA pension, they may be eligible to receive coverage for assistance with activities of daily living (ADL) at HomeWell.  If you or an aging loved one are considering Veterans Care in Plano, TX, contact the caring staff at HomeWell Care Services Plano TX  today. Call (469) 596-6500HomeWell Care Services Plano TX is a Trusted Home Care Agency serving Plano, Allen, McKinney, Frisco, Richardson, Garland, Little Elm, Prosper, and the surrounding areas.

HomeWell Care Services Plano, TX Shines Our Employee Spotlight on Community Relations Manager, Jerry Gorman!

This month, we shine our Employee Spotlight on Community Relations Manager, Jerry Gorman!Jerry is a senior living professional with over 35 years of sales, marketing, operations, and management experience. He is a servant-driven leader focused on helping his clients live their best lives by understanding their needs and exceeding their expectations.Jerry most recently worked in Senior Living as a Community Sales Director and Executive Director for many years before joining HomeWell Care Services in June of 2022 as the Community Relations Manager serving the North Dallas area.His responsibilities include creating positive brand awareness, networking with professional organizations, building relationships with senior living communities, churches, rehabilitation centers, adult senior centers, hospitals, and more that will result in long-lasting community partnerships, and keeping our home care services top of mind within the community we serve.Thank you, Jerry, for being an amazing professional. You are an asset to our companys continuing growth and make a difference in the lives of your clients and HomeWell Care Services Plano, TX! If you or an aging loved one are considering home care in Plano, TX, contact the caring staff at HomeWell Care Services Plano TX today!Call (469) 596-6500HomeWell Care Services Plano TX is a Trusted Home Care Agency serving Plano, Allen, McKinney, Frisco, Richardson, Garland, Little Elm, Prosper, and the surrounding areas.

Local Services By This Author

Ruby Care Senior Living Advisors

Housing Placement & Resource Specialists 5960 West Parker Rd Ste 278-215, Plano, Texas, 75093

When 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.