Elder Financial Fraud/Abuse

In youth we run into difficulties. In old age difficulties run into us.

~Josh Billings

Aging in Place / Elder Abuse

Elder abuse takes multiple forms from physical, sexual, emotional, confinement, passive neglect, willful deprivation and financial exploitation. It’s this last one on the list that will be the focus for this entry.

Approximately 1 in 10 Americans aged 50+ have experienced some form of elder abuse according to The National Council on Aging (NCOA). Some estimates are as high as 5 million elders who are abused each year. Sadly, it’s also estimated that only 1 in 14 cases are reported to authorities–further, nearly 60% of elder abuse and neglect cases are perpetuated by family members.

Profile of Vulnerability

AARP has reported on the profile of older adults who are vulnerable to scammers:

~Expect honesty in the marketplace (from a different era)

~Less likely to take action when scammed

~Less knowledge about rights in an increasingly complex marketplace

~Over 50 and home more often

In addition, the vulnerable are often isolated, lonely, physically or mentally disabled, not savvy about handling finances or recently lost a spouse.

Financial Scams by Common Names

~Cat-fishingscam

~Telemarketing or mail fraud

~Phishing scam

~Social Security spoofing scam

~Internet fraud

~Fraudulent legal documents

~Texting scam

~Grandparent scam

~Undue influence or fraud

~Lottery scam

~Home repair scam

Signs of Elder Fraud Things to look out for include:

~Large Withdrawals

~Missing Checks with questionable signatures

~Changes in beneficiaries, POA, wills

~Missing Property

~Unpaid bills piling up

~Entry forms of sweepstakes or vacation trips

~Someone who suddenly befriends

~Social isolation

*Note: Seniors who live with a child who is un/under-employed or suffers from substance abuse is more likely to be at greater risks for abuse of finances

Sad Effects by the Numbers

Again, according to NCOA from an article titled: Elder Abuse Facts, elders who have been abused have a 300% HIGHER RISK of death when compared to those not experiencing abuse. Further, elder financial abuse costs to older Americans range $2.9 BILLION to 36.5 BILLION annually!

Introducing EverSafe

Howard Tischler, like many other individuals, came to the field of gerontology (“Gero-entrepreneurs”) by way of a tragic experience with a loved one. Howard was caring for his elderly mother in her late-life transition phases of maintaining independence and dignity, when she experienced financial fraud by a scammer. After some necessary actions taken by Howard (and family) to resolve the problem, he took his personal experience with this mother, employed his skills as a high-tech entrepreneur and created EverSafe to help protect others. This became “the first technology-based solution designed t stem the varied forms of financial abuse that plague the elderly.”

Click To see Howard’s story and FREE trail of EverSafe (nonaffiliate)

Elder Financial abuse is one of the most fundamental threats to aging in place, but with some diligence and some high-tech assistance, the risks can be managed. Make this a part of your systems approach to remaining home by choice…

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Get Help: Elder Care Locator 1-800-677-1116

Adult Protective Services

Additional good source for information is the Kim Komando Show