Financial abuse often occurs over months or years. It can be a slow, steady process of siphoning off small amounts at a time through check requests, bank withdrawals, wire transfers, recurring credit card payments, etc.
Elder financial abuse occurs when someone illegally or improperly appropriates money or belongings from an older person for their own personal use.
While this financial exploitation takes many forms, including online scams, according to the National Adult Protective Services Association, NAPSA, the vast majority of reports involve perpetrators who are related to or in a trusting relationship with the victim.
NAPSA reports financial abuse of elders is costing older Americans and their families billions every year, though occurrences are thought to be grossly underestimated, with only 1 in 44 elder financial abuse cases even reported.
This suggests we’re only seeing the tip of the iceberg when it comes to the actual devastation older adults and their families are experiencing the wake of abuse.
So why are the majority of cases going unreported?
1. The abuser is a trusted family member or caregiver
Even if the victim becomes aware of the abuse, choosing to pursue a case against a loved one may be an impossible and heartbreaking decision for many older adults, especially if they are dependent on the abuser in some way.
Many abusers have provided some form of assistance or caregiving to the older adult and can convincingly argue they are owed compensation, while the truth is they have abused the victim’s trust for personal financial gain, with little regard for the victim.
2. The abuse takes place little by little over time.
Financial abuse often occurs over months or years. It can be a slow, steady process of siphoning off small amounts at a time through check requests, bank withdrawals, wire transfers, recurring credit card payments, etc.
The perpetrators are methodical and measured. They don’t ask for or take amounts significant enough to trigger suspicion in financial institutions or be questioned by family members or friends of the victim.
Unfortunately, by the time the abuse is discovered, there may be little chance of reversing the financial damage.
3. Shame and fear.
As with many acts of abuse, the victim may feel a great deal of shame. If taken advantage of, older adults often worry that relatives will feel they can no longer take care of their own financial affairs.
With financial exploitation, there is often an illusion of consent on the part of the victim, but it’s propped up by manipulation, deception or blatant misinformation.
Despite this, the victim may fear they will be seen as mentally unfit for allowing themselves to be exploited and that reporting the abuse will lead to a loss of independence or autonomy.
4. They don’t know how or where to report the abuse to.
In the wake of a financial violation, finding resources can be an overwhelming task, further complicated by a lack of trust because of the abuse. But reporting financial abuse is imperative to gain knowledge of how abusers operate and to understand the full scope of the damage they cause in order to enact the measures necessary to break the cycle.
If
you think you or a loved one is a victim of elder financial abuse,
contact these trusted organizations to find resources and file a report:
- justice.gov/elderjustice.
- National Elder Fraud Hotline: (833) 372–8311.
- The Minnesota Adult Abuse Reporting Center: (844) 880-1574.
- elderjusticemn.org, (651) 440-9312.
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Commentary: Why elder financial abuse goes unreported
My 82 year old Mother completely railroaded by the power of Atty and her Lawyer! They both broke Medicaid rules and laws to get my financially well off Mother free nursing home stay! The money was hidden from the state of Florida! This estate Atty had zero regard for my Mothers safety and well being! Her goal was to force my Brother and myself out of our Mothers estate so this Attys clients could use our shares to buy real estate! They snubbed their noses at the Medicaid system in Florida obviously making it seem like she knows a worker in Medicaid who will take the Attys word that the senior she is applying Medicaid for is poor! When in fact my Mother was financially well off! The hidden money that should’ve went to the nursing home went right into my sister and her husbands hands! My Mothers last wishes were trampled on by this estate Atty! Luckily I documented this back in 2003 while this Medicaid fraud/grand theft larceny scheme was being fully executed! The one thing that wasn’t executed was my Mothers estate and that’s how they pulled this off! There must’ve been a lot of winking going on behind closed door meetings! I will be seeking to write a book! Don’t know the exact title yet! But it will be a best seller when I can show the ‘spiritual encounters’ I have received! They showed me what happened to my inheritance, who stole it, when they stole it and what they bought with it! Also that when it was stolen fraud was taking place because the Medicaid application was supposedly in process! Money transfers are supposed to be looked at three years prior! So they were embezzling the money during the same time, they were getting my Mother free stay in the nursing home! So they committed Medicaid fraud! Next visit from the spirit world told me a document handed to me some 20 years ago is a fake impersonation of a bank document handed to me by the crooked Atty! To throw me off that things were legit! I now know the tax payer I.D. Does not belong to anyone in my family! More games being played by this horrible Atty! Makes total sense, I already know the lawyer was in deed hiding my Mothers money from the state so it makes sense she put a fake tax payer I.D. to fool me! GOD she’s evil! Destroying lives she has no right to do! I must get her exposed! WHEN SPIRITS ARE SHOWING UP AT YOUR HOUSE, DROPPING OFF INFORMATION, THEY MEAN SERIOUS BUSINESS! These visits will not be hard to prove! They too are documented! It’s your worst nightmare to watch this happen and you’re ignored by every agency and others who should want to know this is happening! Taking last wishes away is 100% communism! Remember I stated this happened twenty years ago! Seriously doubt this has gotten better! There are no longer sacred documents left in the United States of America!
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