Exploited: June is Elder Abuse Awareness Month

Every year, millions of older Americans lose significant portions of their life savings to elder financial exploitation, and the problem is only growing.

According to studies done by the AARP, older adults over the age of 60 lose approximately $28.3 billion each year as a result of elder financial exploitation — an amount that extends far beyond the victim, consequently affecting families, caregivers and, even, taxpayers.

The opportunities for abuse is not limited to class, demographic or geography. It can and happened in all walks of life and in every zip code.

Observed in June, Elder Abuse Awareness Month focuses on the abuse and neglect that elderly and vulnerable adults may face, including physical abuse, emotional abuse, sexual abuse, neglect and financial exploitation.

The Center for Elder Justice and Education reports that, “one in 10 Americans age 60+ have experienced one form of elder abuse.”

Elder financial exploitation, one form of elder abuse, is defined as someone illegally or improperly using an older person’s money or belongings for their own personal use. In a statement provided by the United States Government Accountability Office, older adults are “financially exploited by strangers who inundate them with mail, telephone or internet scams; unscrupulous financial service providers; and untrustworthy in-home caregivers.” Elder financial exploitation can be carried out by perpetrators through various forms, such as:

Strangers

  • Lottery, mail, telephone or internet scams

  • Door-to-door home repair scams

  • Identity theft

  • Romance scams

  • Charity schemes

  • IRS schemes

Financial Services Providers

  • Sale of fraudulent investments (Ponzi or pyramid schemes)

  • Sale of financial products or services unsuitable for an older adult’s circumstances, such as long-term annuities

Family, Friends, Caregivers or Legal Guardians

  • Theft of cash or other valuables

  • Withdrawals from banks accounts or use of credit cards

  • Transfer of deeds

  • Misuse of an older adult’s power-of-attorney

  • Misappropriation of an incapacitated older adult’s income or assets

  • Identity theft

To report an incident or a suspected incident immediately call the Tennessee Elder Abuse Hotline at 1-888-APS-TENN (1-888-277-8366). Or visit the Adult Protective Services at: https://onedhs.tn.gov/csp?id=cs_aps_assessment_landing_page#:~:text=If%20you%20are%20unsure%20if,%2D277%2D8366)%20



Andrew BellComment