Elder financial abuse - it's an issue that has existed as long as older people have had property and money. Normally, an elderly individual is sixty-five years or older, and is also referred to as a senior citizen. The crime is a term for the misuse of the funds amassed by these folks. Besides funds, exploitation of a person's property and resources also can be considered abuse.
Even though the crime has existed for decades, it had been only given nationwide attention recently. In 2011, famed Hollywood actor Mickey Rooney sued a stepson for alleged abuse. Awareness grew after the revelation of his case.
A study carried out by a leading international insurance provider revealed that close to three billion dollars a year is lost because of the crime. This is mainly because of the various tactics employed by the bad guys to steal from senior citizens.
What is regarded as elder financial abuse and who is guilty of it?
The term is really a blanket term for a variety of criminal activities. These crimes include the employment of trickery, deception, and coercion to tap into the funds, resources, and properties of a senior citizen. Those who are normally found guilty include caregivers, scammers, and sorry to say, members of the family. Illustrations of exploitation committed by these folks include:
- Misuse of personal checks, credit cards, and other financial accounts - It's usually accomplished by forging the signature of an elderly person.
- Stealing of cash, pension checks, and other important possessions.
- Identity theft - Senile persons often fall victim to this type of attack. Devious people utilize the fact that the elderly are restricted to homes or nursing facilities. On the plus side, bank fraud lawyers are taking the necessary actions to fight such problems
You cannot assume all sinister acts are done by singular individuals, however. You'll find cases where even healthcare is utilized as a tool to extort funds from the elderly. These businesses make the most of an elderly person's vulnerable frame of mind. Healthcare provider and also other scams include:
- Special "prizes" for senior citizens that need to be purchased.
- Charging excessively for healthcare that isn't supplied.
Elder financial abuse happens simply because of a senior citizen's slowing mental capacity, in particular 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 particularly susceptible to abuse. Studies have shown that women outlive men. The elderly women that outlive their lovers frequently belong to a generation where the male was the one who dealt with the finances.
If you know someone that might be a victim of this form of abuse, it would be best to inform the authorities. When you personally know the family and are terrified of being called an intruder in family issues, you can find anonymous hotlines you can call.
Elder Financial Abuse: What It Is And How To Stop It