Elder financial abuse is defined in the Older Americans Act of 2006 as:
“The fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or fiduciary, that uses the resources of an older individual for monetary or personal benefit, profit or gain, or that results in depriving an older individual of rightful access to, or use of, benefits, resources, belongings, or assets.”
Financial abuse can take place in many ways, ranging from investment scams, stolen jewelry and bogus lottery schemes to forged checks, identity theft and credit card misuse. Unfortunately, most perpetrators of senior financial abuse aren’t strangers to them and view them as easy prey. Guard yourself or loved ones against financial exploitation by knowing the warning signs and what to do if you spot them.
It’s estimated that older adults lose more than $36 billion every year to scams and fraud. Half of that money is lost due to tactics that are legal, albeit deceptive in nature. Experts predict that the problem is going to dramatically worsen as the aging Baby Boomer population retires, while nearly 37% of seniors in the U.S. have already experienced some form of financial abuse.