One of the fastest growing forms of elder abuse is financial exploitation. One study estimates that each year there is $2.6 billion in senior fraud. The elderly are often targeted by financial abusers because they account for 70% of household net worth in the U.S. The typical profile of an elder abuse victim is a senior who is polite, trusting, wants to preserve their freedom, and fears being physically harmed.
If you care for an elderly family member, part of your responsibility is to protect them from financial elder abuse. Financial elder abuse occurs where an abuser takes an elder’s money or property for their own benefit. Abusers use different tactics to gain access to an elder’s finances. Some may use intimidation or threats of abandonment. Others may try to befriend the elder in order to gain their trust. (more…)
