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Financial exploitation occurs when someone, a family member, acquaintance or unfamiliar individual, illegally or improperly uses the resources for their own benefit. Author and blogger John Wasik adds, “elder financial exploitation is committed by people who occupy traditional positions of trust, such as friends and relatives and fraud is typically perpetrated by strangers.” According to a 2015 report from the Ohio Family Violence Prevention Project, local adult protective agencies investigated close to 2400 allegations of financial exploitation. This figure is likely higher as there is undisputed agreement by elder advocates, that many cases of abuse are not reported. When reviewing the enormity of this crisis on a national scale, the annual financial loss by older adults who have been exploited has been estimated at close to $3 billion (National Council on Aging). The impact of this type of abuse reaches beyond financial disarray including, increased dependence on family or state agencies for financial support, a decline in mood, along with a loss of confidence.
Elders who are most at risk for misappropriation of their hard earned savings include those in poor physical health, and people with cognitive challenges. Widowed individuals, who had relied on his or her spouse to “handle the finances” and are, therefore, unfamiliar with status of their finances may also be likely victims of abuse. As well, individuals confronted with feelings of loneliness due to a shrinking social support network who as a result, may also be in harms way particularly if the thief manipulates the elder into thinking that they want to befriend them to help to fill this void.
Because of the prevalence of this crime, local, Federal agencies along with financial institutions are continuing to launch initiatives to increase awareness with the goal of reducing incidences of financial along with other types of elder abuse. A top priority is to help educate older adults to more effectively identify scams. Examples of potential fraud includes (although far from exhaustive), phone calls alerting people of an unclaimed prize, Internet fraud, or someone claiming to be a family member or friend requesting emergency funds. To help minimize questionable callers it is suggested to sign up with the Federal Trade Commission’s Do Not Call Registry (link below). There is also agreement from elder protective services of the need for more streamlined, less worrisome reporting practices since there is often apprehension about disclosing suspicions of family or caregiver abuse.
Other recommendations to help combat exploitation include encouraging elders to meet with an elder care attorney to help to discuss beneficial proactive measures to help reduce incidences of exploitation. Having a trusted financial power of attorney overseeing banking activity will also allow for easier communication with banking staff should there be questionable transactions. Spend time going through the mail for questionable financial solicitations. If there is no power of attorney, consider online banking, taking time to review statements (preferably alongside someone) and to set up credit card purchase alerts. If there is a question regarding suspected exploitation or fraud please contact your financial institution, Adult Protective Services or the police.
Marci Vandersluis is a licensed social worker and has a master’s degree in gerontology. She is employed as a care manager assisting older adults in the community connect with needed services. Email: marcirobinvandersluis@gmail.com.
Learn more
Ohio Hopes Helpline: 1-800-411-2267/
Ohio Attorney General: 1-800-282-0515
Montgomery County-Adult Protective Services: 937-225-4906
Do Not Call Registry: www.donotcall.gov/default.aspx
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