Elder Financial Abuse: Learn What to Look for and What You Can Do to Stop It

In honor of World Elder Abuse Awareness Day, recognized this past June 15th, Van Wey Law is bringing attention to a problem that occurs too often to senior citizens in this country--financial exploitation. Financial loss due to elder financial abuse totaled $2.9 billion last year, up 12 percent from $2.6 billion in 2008.

Who is committing elder financial fraud?
Perpetrators of elder abuse range from friends, family members, caregivers, and neighbors to strangers and even businesses. Most instances of fraud are perpetrated by strangers (51 percent), while fraud by family and friends comprises 34 percent of fraud cases. The business sector and Medicare/Medicaid fraud accounted for 12 percent and four percent of fraud cases respectively.

Both men and women are perpetrators of fraud against the elderly, but the majority of perpetrators (60 percent) are men, ranging in age from 30 to 59. Female perpetrators, on the other hand, usually range in age from 30 to 49.

Who is likely to become a victim of elder financial fraud?
Elderly victims of financial exploitation are usually between the ages of 80 and 89 and live alone. Women are two times more likely to be victims of elder financial abuse than men are. Other risk factors for elder abuse include seniors who are isolated, lonely, have had recent losses, have physical or mental disabilities, have difficulty managing finances, and have family members who are unemployed or who have substance abuse problems. The elderly are especially vulnerable to financial abuse, because they rely on others to help them, and their vulnerabilities are easily observed.

What does elder financial fraud include?
Acts of financial abuse include taking the senior's money or property, forging his signature, coercing, deceiving, or unduly influencing him to sign a will, power of attorney, or other document, and using the senior's property without his permission. Strangers who prey on the elderly will often do so through scams, including promising care in exchange for money or property. Even within the business sector, telemarketers may commit financial abuse on the elderly by scaring them into sending money or using their credit cards without authorization.

Elder abuse is a growing problem, especially since the wealthiest people in the United States, baby boomers, are becoming older and are facing more health problems. Right now, people over the age of 50 control 70 percent of the nation's wealth, so it's not surprising that cases of elder financial abuse are on the rise.

What can you do to protect yourself or a loved one?
If you are worried that a loved one is suffering from elder financial abuse, look for things such as unpaid bills, withdrawals from the senior's bank account that she cannot explain, new "friends," unusual activity in her bank account, suspicious signatures, missing property, and an absence of documentation concerning financial agreements.

For more information on how to protect yourself or a loved one, contact the National Center on Elder Care Abuse or call 1-800-677-1116. If you have been a victim of elder financial abuse, contact Van Wey Law today.

Don't hesitate to contact Kay Van Wey at (800)489-5082 for a free, no obligation consultation.

Van Wey Law serves:

The entire state of Texas, including Dallas, Plano, Frisco, McKinney, Fort Worth, Austin, Houston, and San Antonio

The entire state of Oklahoma, including Tulsa and Oklahoma City

Chicago, Illinois and surrounding areas

The entire United States for health care fraud, “pill mill” cases, and dangerous pharmaceutical products