Elder Abuse Awareness Day is June 15, marking a time for us to bring attention to the challenges and difficulties faced by older adults. It’s also a time to consider our collective responsibility to protect and support our elders. We want to bring awareness to the often unseen and unspoken issue of elder abuse, including physical, emotional, and financial mistreatment of seniors. When it comes to security awareness of scams and fraud, financial exploitation of the elderly deserves particular focus and action.
The Troubling Reality of Financial Elder Abuse
Financial abuse involves the unauthorized or improper use of an older person’s funds, property, or resources. It can manifest in many ways, from outright theft to fraudulent schemes that prey on the vulnerable. The statistics are staggering. Studies estimate that one in ten elderly Americans are victims of some form of abuse or neglect each year, but financial exploitation costs seniors billions annually, with the average victim losing $120,000. Even more alarming is that it’s estimated that only one in 44 cases of financial abuse are ever reported. While those who become aware of the scam may not report it due to embarrassment, the crime often goes undetected as perpetrators can be close family members, trusted friends, or caregivers that seniors depend on.
Recognizing the Warning Signs
Staying vigilant and recognizing the red flags of financial exploitation is crucial. Common signs include:
- Sudden, unexplained changes in bank accounts or banking practices
- Unauthorized withdrawals or transfers of funds
- Missing personal belongings or property
- New names added to accounts or titles of ownership
- Suspicious signatures on checks or legal documents
- Unpaid bills or lack of medical care despite adequate resources
If you notice any of these signs with an elderly loved one, it’s important to have an open and compassionate discussion. Carefully document any concerning incidents and keep records organized.
How to Protect Seniors in Your Life
We all have a role to play in safeguarding our elders from financial abuse. Here are steps you can take:
Stay Informed: Educate yourself on the common tactics used by perpetrators and the warning signs. Resources like the National Adult Protective Services Association and the National Center on Elder Abuse provide valuable information.
Communicate: Maintain open lines of communication with elderly family members about their financial matters. Check in regularly and watch for any concerning changes in behavior or decision-making.
Report Suspicions: If you suspect an elderly person is being financially exploited, report it immediately. Contact adult protective services, law enforcement, and any financial institutions where they hold accounts.
Discuss Money Matters: Have candid conversations with aging parents about creating a financial plan to manage their affairs responsibly. Offer to assist with tasks like paying bills, reviewing statements, and monitoring accounts.
Seek Professional Guidance: Consult financial advisors, attorneys, or other professionals who specialize in elder care issues. They can provide expert guidance on safeguarding assets and implementing protective measures.
Empowering Seniors to Protect Themselves
While loved ones play a vital role, it’s also important for seniors themselves to take proactive steps to reduce their risk of exploitation. Here are some tips for empowering seniors to protect themselves:
Stay Connected: Maintain an active social life and connections within your community. Isolation can increase vulnerability, so engage with friends, family, and support groups regularly.
Review Finances: Carefully review financial statements, bills, and account activity. If you need assistance, enlist the help of a trusted family member, financial advisor, or attorney.
Know Your Rights: Educate yourself on the legal rights and resources available to protect against elder abuse and financial exploitation in your area.
Designate a Trusted Contact: Add a trusted contact person to your financial accounts. This designated individual can provide an extra layer of protection by approving certain transactions or being alerted to suspicious activity.
Seek Professional Advice: Before making significant legal, financial, or healthcare decisions, consult qualified professionals who have your best interests in mind.
Guard Personal Information: Never give out sensitive information like Social Security numbers, credit card details, or bank account numbers over the phone or via email unless you’ve initiated the interaction and verified the recipient.
A Community Effort to Safeguard Our Elders
Ending elder abuse and financial exploitation requires a united, community-wide effort. We must raise awareness, encourage open dialogue, and promote resources to support and protect our elders.
On this Elder Abuse Awareness Day, let’s renew our commitment to shining a light on this often hidden issue. By staying informed, communicating, and taking proactive steps, we can create a safer, more secure environment for the seniors in our lives. Remember, our elders deserve to live with dignity, respect, and freedom from abuse or exploitation. It’s up to all of us to be their voice and their advocate. Together, we can make a meaningful difference in safeguarding the financial well-being and overall welfare of our seniors.