Financial abuse is on the rise for older Adults. Consider these alarming statistics:
70% of the nation’s wealth now belongs to those 60 or over
Seniors lose more than $2.9 billion annually to financial exploitation1
According to one survey: only 1 in 44 cases are reported
Studies have shown that elder financial abuse decimates income, compromises health care and living options, fractures families, and results in a loss of dignity.
¹ http://www.canhr.org/reports/TheSentinelNov2011_HBABCs_fin_exploitation.pdf
EXPLOITATION OF OLDER ADULTS
Perpetrators of financial abuse and exploitation range from family, friends and neighbors to caregivers, trusted professionals, scam artists and common criminals. Despite increased awareness in recent years, this devastating crime, more often than not, goes unreported. A superior court judge in California calls elder financial abuse the “ultimate betrayal.”
THE MANY FORMS OF FINANCIAL ABUSE
Perpetrators often target vulnerable seniors, like those who live in isolation, have limited mobility or suffer from cognitive issues. Financial abuse of seniors can take many forms, including:
- Unauthorized credit/debit card charges
- Telemarketing fraud
- Identity theft
- Fraudulent bank withdrawals
- Home improvement scams
- Predatory lending
- Inappropriate investments
- Estate planning improprieties
BEWARE OF WARNING SIGNS
According to the Consumer Financial Protection Bureau and Consumer Reports, here are ten common signs of financial exploitation:
- Inconsistent banking activity
- Money or property is missing
- Unexplained withdrawals from bank accounts, frequent ATM use or large wire transfers
- Unpaid bills
- Bank statements or bills stop arriving in the mail
- Changes in spending patterns, such as purchases of items the senior doesn’t need
- Excessively large reimbursements or “gifts” to caregivers or friends
- Changes to beneficiaries on a will, a life insurance policy or retirement funds at a time when the senior’s capacity is questionable
- Excessive interest in the senior’s finances by a caregiver, friend, or relative
- A caregiver, friend or relative suddenly begins handling the money without legal support or documentation of the arrangement
EVERSAFE: PROACTIVE DEFENSE
EverSafe is the first service that applies technology to combat financial exploitation of older adults. It helps members and relatives or trusted advocates identify and respond to suspicious activity. EverSafe monitors financial records, including bank and investment accounts. credit cards and credit services, and quickly alerts members if there appear to be unauthorized transactions or identity theft. Here’s how:
- EverSafe scans financial and credit records daily.
- When suspicious activity is identified, members and their designated agents and advocates are immediately alerted.
- The status of the suspicious activity is tracked through resolution.
- Consolidated reporting of all accounts saves time and gives you a complete overview of the entire financial landscape.