Financial exploitation comes in many forms, and older adults are often the victims.
AARP's recent article entitled “The Legal Consequences of Elder Fraud Can Be Steep” reports that romance scams and similar financial abuse are on the rise. Older, lonely, or heartbroken adults are common targets. In Florida in 2020, $40.1 million was stolen from victims who were victims of a crime ring or bad actor posing as a potential suitor.
Financial Abuse of seniors is increasing. There are many steps that can be taken by Seniors and their loved ones to help protect them from financial or elder abuse and to remedy the consequences of any losses incurred by the Senior.
Some people lose their whole life savings in a matter of months.
Many other financial crimes are carried out by fraudsters, such as phony investment scams, phone and gift card scams, lottery scams, Medicare and Social Security scams and more.
There is no limit on how creative these criminals can be. Family, friends, and caregivers are also not immune from skimming funds for their own use.
The average amount lost per victim is $34,000. When a person is acting as a fiduciary, the number soars to $83,000. The older the victim, the greater the average amount of stolen assets.
As soon as exploitation is suspected or confirmed, action should be taken. When exploitation is suspected, take these steps to help law enforcement investigate and prosecute the criminals:
- Talk to the victim, who may not be aware of the exploitation
- Contact the authorities and follow their instructions
- Notify financial advisers who may be able to put a freeze on accounts
- Document the victim's interactions with the suspect
- Talk to all witnesses to interactions between the suspect and victim; and
- Talk to an elder law attorney who can discuss your legal options regarding guardianship or conservatorship if the victim lacks capacity to handle their own affairs
Call an experienced Thousand Oaks Attorney with questions about Financial Abuse or related issues. Book a Call
Reference: AARP (Feb. 22, 2022) “The Legal Consequences of Elder Fraud Can Be Steep”