Dementia has become increasingly common among the elderly with a staggering five million Americans having the disease. Unfortunately, many people seek to take advantage of a dementia patient’s diminished capacity. Family members, or anyone else who is familiar with the dying person, are usually the perpetrator of any fraud but telemarketers and the like are also a threat. A few states have passed laws that require financial advisers and institutions to report suspicious activity around the account of vulnerable clients. This reporting requirement is not yet expected to be widely adopted but it is a good step to protect the finances of the impaired.
See Suzanne Barlyn, Protecting dementia sufferers from scammers gains ground in U.S., Reuters, July 1, 2015.
