Elder Financial Abuse: What It Is And How To Stop It

Elder Financial Abuse: What It Is And How To Stop It

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Elder financial abuse - it's an issue that has existed as long as the elderly have had property and income. Usually, an elderly person is sixty-five years or older, and is also referred to as a senior citizen. The crime involves the misuse of the funds gathered by these people. Along with funds, exploitation of a person's property and resources also can be treated as abuse.

Though the crime has existed for years, it was only given national attention lately. In 2011, well known Hollywood actor Mickey Rooney sued a stepson for alleged abuse. Awareness grew after the revelation of his case.

A study made by a leading worldwide insurance provider revealed that almost three billion dollars a year is lost thanks to the crime. This is because of the many various tactics used by the bad guys to steal from senior citizens. Spotting the abuse is pretty easy. Sadly, many cases transpire within families. And unless other people get involved, cases would not see the light of day.

What is regarded as elder financial abuse and who is guilty of it?

The term is a umbrella term for a variety of criminal activities. These crimes include the usage of trickery, deception, and coercion to access the funds, resources, and properties of a senior citizen. Those who are ordinarily found guilty are caregivers, scammers, and sad to say, family members. Instances of exploitation committed by these individuals include:

- Misuse of personal checks, credit cards, and other financial accounts - Normally, this is done by forging the signature of an elderly person.

- Stealing of cash, pension checks, and other important possessions.

- Identity theft - Senile people regularly fall victim to this type of attack. Devious people take advantage of the fact that the elderly are confined to homes or nursing facilities. Thankfully, bank fraud lawyers take the required actions to remedy such problems

You cannot assume all sinister acts are committed by singular individuals, however. You can find cases where even healthcare is utilized as a tool to extort funds from the elderly. These companies take advantage of an elderly person's vulnerable frame of mind. Healthcare provider along with other scams include:

- Special "prizes" for senior citizens that must be purchased.

- Charging too much for healthcare that is not supplied.

Elder financial abuse takes place because of a senior citizen's lagging mental capacity, specially those that are senile. Being lonely also plays a role in the abuse. Generally, victims are widows or widowers. Statistically, women are particularly susceptible to abuse. Studies show that women live longer than men. The elderly women that live longer than their spouses typically are members of a generation where the male was the one who handled the finances.

When you know someone that might be a target of this form of abuse, it would be best to tell the authorities. When you personally know the family and are fearful of being called an intruder in family issues, there are anonymous hotlines you could call.


About the Author:
Abbie Kirby is colleagues with a bank fraud lawyer concentrating on elder financial abuse cases.



Article Originally Published On: http://www.articlesnatch.com


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