Story by Christianna Barbosa
LUBBOCK, Texas — October is Elderly Financial Exploitation Month and EverythingLubbock.com learned about the most common forms of financial exploitation and preventative measures.
“We want to talk about it because people don’t talk about it,” Marci Leffer, Community Engagement Specialist at Adult Protective Services (APS), said.
According to Leffer, in 2023 Texas had 13,380 reported exploitation cases, 292 of those in the Lubbock area. Leffer explained there are two types of financial exploitation: financial abuse (when the perpetrator is someone the victim knows) and financial fraud (when the perpetrator is a stranger). APS deals with financial abuse, but Leffer provided tips for both situations.
Once elders realize they’ve been financially exploited, they are overcome with embarassment making them unlikely to tell anyone. Prevention, according to Leffer, starts with being educated.
Why are the elderly easier targets for financial exploitation and scams?
Leffer said in a lot of cases older people tend to be more trusting and always answer the phone. She explained they are challenged when it comes to technology and their brains are not as quick as they used to be. Beyond that, scammers get them into a state of panic, making it seem urgent to take action in a financial fraud situation.
When it comes to financial abuse, loneliness often factors in, Leffer said. This can cause the elderly to befriend and place trust in someone they do not know and then get burned later on. Other times perpetrators are close family members taking advantage of their older family member by taking over their finances.
“It really becomes evident that this is so underreported and how people who have worked their whole lives are left in such a desperate spot,” Leffer said.
Her advice to prevent being a victim of financial exploitation?
“If you don’t know who’s calling, don’t answer the phone,” Leffer stressed.
The biggest misconception amongst older people who are financially exploited is that it will not happen to them because “I’m smarter than they are,” according to Leffer.
APS does not investigate or assist when it’s a scammer’s issue but Leffer explained they can interfere once people have been scammed to the extent where they put themselves in a state of self-neglect. APS can come in and offer some assistance and resources, and connect victims with people who can help them.
Leffer advised that people concerned about their parents should stay involved in their lives. Older people can also confide in their financial advisors, bankers or really just someone other than family for better advice, said Leffer. All in all, protect your information and make sure that you have someone in your corner that you can trust.
Some available resources are listed below:
Adult Protective Services (APS)
- APS is a resource if you have been exploited. They assist people ages 65 and up or 18 to 64 for those with a substantial disability. Leffer said she also hosts presentations to groups and those interested can email her at marci.leffler@dfps.texas.gov.
Federal Deposit Insurance Corporation (FDIC)
- The FDCI’s Money Smart for Older Adults Program raises awareness among older adults and their caregivers on how to prevent fraud, scams and other elder financial exploitation. Click here for more.
U.S. Department of Justice (DOJ)
- The DOJ has a section on its website called the Elder Justice Initiative for victims of financial exploitation to find help, webinars, warning signs of financial exploitation and more.
Full Article & Source:
Nearly 300 cases of elderly financial abuse in Lubbock area 2023; West TX expert shares key tips
