An estimated $28.3 billion is lost every year due to financial abuse targeting older adults. According to a 2023 AARP report, three-quarters of these losses are at the hands of someone the victim knows. To make matters worse, a majority of these incidents are not reported to authorities.
What is Financial Exploitation
This involves the improper use of an adult’s funds, property or resources by another person. These crimes are often committed by people who are close to the victim. Signs of financial exploitation include unauthorized ATM withdrawals, abrupt changes in a will or other financial documents, and the unexplained disappearance of funds or valuable possessions.
Elder Financial Abuse Protection Tips
Here are some ways to protect yourself or a loved one against elder financial abuse
- Designate someone you trust as your financial power of attorney. In the event you become incapacitated, they can take over.
- Appoint a trusted contact for accounts and investments. This is a backup person you authorize a bank or financial institution to contact about questionable activity on your account.
- Sign up for a tracking service. It can detect suspicious activity in your bank accounts, investments and credit cards.
- Avoid social isolation. Loneliness is a big risk factor for elder financial exploitation.
- Get to know your loved one’s caregivers. Make sure they are trustworthy.
Strangers often target seniors as well since they are trusting, usually have financial savings, own a home and have good credit. Common fraud schemes include tech support scams, crooks posing as an arrested grandchild who needs bail money, and voice impersonation.
The Law Offices of Todd Cushner and Associates PC has specialized in the areas of bankruptcy, foreclosure defense, commercial litigation and trusts and estates for over 18 years. Our attorneys and staff have substantial experience helping families and small businesses overcome financial devastation. Contact us today to see how we can help.
