"Senior financial abuse is on the rise and entering the public consciousness," said Fogarty, of Heartland Law Firm in Glenview. "About 20 or 30 years ago it was spousal abuse. The same is happening now with financial scams of the elderly."
Fogarty recently spoke at Vi at The Glen, a retirement community in Glenview.
The free presentation to residents and employees provided tools for avoiding, identifying and responding to financial abuse of senior citizens.
Social workers and nurses at Vi were eligible to receive certified education units for attending the discussion.
Fogarty said "the family trust factor" often enters the scams, meaning people close to an elder instigate the swindle.
"It's the ultimate trust factor with a family member," he said. "An elderly person's shield is down, but then a son or nephew is influencing and defrauding them."
The average loss to a senior is $95,000 when perpetrated by a stranger, compared to $145,000 by a family member or caregiver, Fogarty said.
"It's also the classic kind of unreported situation. Only one in 44 cases get reported because it could be someone's kid doing the scam to a parent," he said. "They don't want their child going to jail, and there's a fear of losing their independence — like getting put in a home — if people know about the scam."
He defined scams of the elderly as the illegal or improper use of funds, property or assets of people 60 years and older.
The rip-offs included bank withdrawals without a senior's consent and unauthorized use of credit cards.
"Seventy percent of our nation's wealth belongs to people 60 and over," Fogarty said.
Other signs of misuse are forging signatures, sale of inappropriate products to seniors, adding names to their bank accounts and emails that trick them into entering personal information.
In all, $2.9 billion a year is lost in financial exploitation, he noted, and often scammers take advantage of seniors' limited mobility, confusion and isolation.
Fogarty advised the families of seniors to set up teams of professional financial overseers, certified public accountants and appropriate family members as "checks and balances."
For seniors, he also said direct bank deposits and automated bill paying should be arranged.
"These crimes are more prevalent now and can be financially and emotionally devastating," he said.
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Elder care lawyer warns seniors of rising financial scams
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Fogarty advised the families of seniors to set up teams of professional financial overseers, certified public accountants and appropriate family members as "checks and balances."
It's all about taking money from the elderly.
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