Financial elder abuse has been characterized by some experts as the crime of the 21st century. Perpetrators may be a stranger, a business or service professional who has gained an elder’s trust; sometimes it may even be a family member.
Particularly vulnerable are older men and women who are experiencing cognitive decline, who, due to a spouse’s death or illness, are newly responsible for household finances or home maintenance or those who are isolated and lonely.
Family members can misuse their powers of attorney to steal money from bank accounts, obtain credit cards or embezzle large sums by refinancing the elder’s home.
Elder mothers, especially, may contribute to the dependency of a troubled son or daughter who constantly seek money for drugs, alcohol or simply because they are always living beyond their means.
An older lonely man is sometimes “befriended” by a younger woman on whom he lavishes expensive gifts or helps her in paying off her “debts,” eventually impoverishing, himself. Some other common frauds are:
- Prize and sweepstakes winnings for which you must pay a “delivery fee.”
- Fraudulent investments that guarantee a huge return.
- Charitable donations to nonexistent charities. Donate only to those charities with which you are familiar or check them out online at www.give.org.
- Home or auto repair scams that offer super deals to fix your roof or driveway.
- Loan or mortgage fraud (www.preventelderabuse.org): Unscrupulous “predatory” lenders use false tactics to make high-cost loans to seniors in need of cash. Victims may often be pressured into refinancing a loan and pay high fees each time, eventually losing their home in foreclosure when they are unable to pay.
Tips for Preventing Fraud and Abuse
1. Stay active and engage with others. Avoid isolation and stay in touch with friends, social clubs and church groups.
2. Stay organized. Keep papers and legal documents in a secure location. Review your important documents with a trusted elder law attorney. Check monthly credit card and bank statements for accuracy and use direct deposit for Social Security and other payments to prevent mail theft.
3. Protect your passwords. Do not share your ATM or credit card passwords. Immediately notify the bank or credit card company if you find charges you did not make.
4. Do not reply to telephone solicitations. Just say, “I don’t respond to telephone requests” and hang up. Add your name to the Do Not Call Registry by calling 1 (888) 382-1222.
FIND OUT MORE
Finally, some helpful resources if you think you or someone you know may be a victim of financial abuse.
- National Consumers League Fraud Center: (www.fraud.org)
- National Center for Victims of Crime: (www.ncvc.org) or their help line 1 (800) 394-2255.
- National Committee for Prevention of Elder Abuse: (www.preventelderabuse.org)
Special Connecticut Help Lines
- Elder Abuse: 1 (888) 385-4225
- Protective Services: 1 (888) 385-4225
- Abuse or Neglect of Nursing Home Resident: (860) 424-5871
If you are unsure who to call, try the Eldercare Locator (800) 677-1116.
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