A survey released by the Investor Protection Trust (IPT) reported that “20% [of] Americans over the age of 65 have been the victim of a financial swindle.” The report also showed that the most common types of abuse occur when those closest to the victim steal or misappropriate funds. In other words when family members commit these types of crimes. According to USA Today, “the next biggest problems are caregiver theft and financial scams perpetrated by strangers.” The reason for this high number are numerous. Many senior citizens are too embarrassed to report instances of elder abuse. Unfortunately, others do not have the knowledge to make sound financial investments or are susceptible to fraud because they are the victims of diminished mental capacity.
The IPT recommends that new efforts are needed to combat the rise of elder abuse, and it will require the corroboration of those who are in the best position to detect elder abuse, such as health care professionals.
See Christine Dugas, Elderly Suffer as Financial Abuse Grows, USA Today, Aug. 15, 2012.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
