Elder Financial Exploitation Remains a Rising Concern in New York

Financial crimes against elderly Americans increased by 84% from 2021 to 2022, according to the FBI. In the book of proposals that accompanied the State of the State address, Governor Kathy Hochul outlined a few steps her administration will take to combat elder financial exploitation.

A report by Jilenne Gunther, the National Director of AARP BankSafe Initiative, indicates exploitation may cause declines in a victim’s mental and physical health. Victims may experience poverty and negative emotions, including anger, self-blame, anxiety, and depressive symptoms.

According to the Department of Financial Services, those most vulnerable to elder abuse tend to be between 80 and 89 years old, especially those who experience cognitive decline or cognitive incapacity.

The report also claims that elder financial exploitation numbers may be higher than the data shows, as many victims do not report the crime due to shame and embarrassment. The AARP estimates Americans lose about $28.3 billion annually to elderly financial exploitation.

To combat this type of elder abuse, Hochul is planning to propose legislation allowing financial institutions to put a temporary hold on suspicious transactions involving a vulnerable adult’s account. Hochul also wants to establish a New York State Interagency Elder Justice Coordinating Council.

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Elder Financial Exploitation Remains a Rising Concern in New York