The number of individuals in the United States aged 65 years old and above is steadily increasing. In other words, more and more people may need assistance in personal and financial care. And the reason for this is that they are already vulnerable to abuse, with financial exploitation as being one of the most common forms of fraud that is committed against the aging population.
What is financial exploitation in seniors? Why is it considered as a rampant form of abuse for aging adults? And how can financial management intervention prevent your elder loved one from becoming a victim of financial mishandling?
Learn more as we are going to explore this topic in today’s blog post.
The Legal Definition Of Elder Financial Exploitation
In essence, elder financial exploitation is a type of elderly abuse that is often characterized by the mismanagement or misappropriation of the senior’s finances and other property illegally. In today’s standards, this type of elderly abuse is considered as both a growing issue and a pervasive problem for the victim and the whole society.
Why Is This Type Of Fraud Still Rampant?
Seniors become victims of financial exploitation because they are already experiencing some forms of cognitive impairments like dementia or Alzheimer’s. This is the primary motivation why scammers are targeting these aging adults.
As for the reasons why this type of fraud is prevalent, many incidents of financial exploitation have been underreported. In fact, for every reported case of senior financial fraud, there are approximately 5 cases that are being left unreported according to many books by the United States General Accounting Office, Thomas L. Hafemeister (Financial Abuse Of The Elderly In Domestic Setting), and etc.
Aside from that, most scammers or abusers often have close relations with the elder victim (a friend, family member, or acquaintances), which places them in a position where they can easily take advantage of the old person who has some degree of diminished capacity and cognitive decline.
In addition, other forms of financial fraud continue to persist because they are committed by way of fake charities, solicitations, and fraud investments which force the victim to not report any wrongdoing once they already become a victim due to shame.
Prevent Financial Exploitation By Doing These Productive Steps
Being aware that your elder loved one is already at risk of this type of fraud is the first step to prevention. Of course, you also have to be mindful of the warning signs in order to safeguard your elder family member.
Likewise, you also have to engage in a family conversation and make some decisions that would benefit the concerned family member through financial management intervention.
And if you want to ensure that your elder loved one is safe from any manner or form of financial abuse, then it is recommended that you consult with a senior financial management advisor as they have the expertise to take care of the elder’s money and safeguard them from any scammers who are out to take advantage of their senility.
Contact us today and see how they can help your elder loved one through their proven method of financial management intervention.