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PROCLAMATION: ProtectOlderAmericansfromFinancialExploitation–PROTECT–Week

WEBSITE: www.protectweek.org

CAMPAIGNOBJECTIVE: To safeguard the financial well-being of older Marylanders by raising awareness surroundingfinancialabuseofeldersandpreventinginstancesoffinancialharm.

BACKGROUND: MarylandComptrollerPeterFranchotandMarylandAttorneyGeneralBrianFrosh,inpartnershipwithGuidewellFinancialSolutions,anonprofitcreditcounselinganddebtmanagementproviderintheMid-Atlanticregion,willlaunchastatewide,weeklongcampaignJanuary8-12,2018,toraiseawarenessaboutthefinancialexploitationofolderMarylanders.

ThecauseisatoppriorityforprotectingMaryland’sseniorsfromelderfinancialabuseandfraud.Todothat,thestatehaspartneredwiththeMarylandDepartmentofAging,WellsFargo,AARP,and numerous other national, state and local organizations to elevate the campaign, officiallyproclaimed“ProtectOlderAmericansfromFinancialExploitation-PROTECT-Week.”

PARTNERS:

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RESOURCES:

- WellsFargo(HandsOnBanking)- MarylandComptroller(TaxBenefitsforSeniors)- MarylandComptroller(TaxAssistanceforSeniors)- MarylandComptroller(IdentityProtection:Prevention,DetectionandVictimAssistance)- MarylandDepartmentofAging(ScamsAlert:TopScamsTargetingSeniors)- MarylandVolunteerLawyersService(WhyEstatePlanningMatters)- CASHCampaignofMaryland(MarylandCASHAcademy)- EverSafe,ProtectingaLifeTimeofSavings(FreeTrial)- AARP(WaystoProtectAgainstIDTheft)- MarylandConsumerRightsCoalition(ProtectYourselffromScamsTargetingSeniors)- MarylandOfficeoftheAttorneyGeneralConsumerGuideforMarylanders- MarylandOfficeoftheAttorneyGeneralSeniorAssetRecoveryUnit

ABOUTTHECAMPAIGN: DuringProtectOlderAmericansfromFinancialExploitation-PROTECT-Week,Marylanderswillhaveanopportunitytolearnaboutthemanyformsofabuse,neglectandfinancialexploitationofolderadults.

Protect Older Americans from Financial Exploitation - PROTECT - Week is led by MarylandComptroller Peter Franchot and Maryland Attorney General Brian Frosh, in partnership withGuidewellFinancialSolutions,anonprofitcreditcounselinganddebtmanagementprovider,bothofwhomprioritizefinancialhealthandwell-beingofallMarylanders,butparticularlyMaryland’smostvulnerableolderadults.

Maryland Comptroller Peter Franchot is invested in utilizing this week as an opportunity toadvanceourcollectiveunderstandingthatelderabuseandfinancialexploitationiscommonplaceformanyvulnerableseniors.

WhiletheComptroller’sOfficehasdetectedandblockedmorethan80,000fraudulenttaxreturnsworthover$185millionoverthelast10years,therearepreventativemeasuresthatcanbetakenbytaxpayersofallagestokeepfinancialexploitationfromhappening.

GuidewellFinancialhaspartneredwiththeComptrollerandAttorneyGeneraltoraiseawarenessabouttheriskfinancialhealthandeconomicwell-beinginthewakeoffinancialexploitation.

TheOfficeofAttorneyGeneralhasadedicatedSeniorAssetRecoveryUnitthatinvestigatesandsuesonbehalfofvictimsofelderfinancialabuseintheStateofMaryland.SuspicionoffinancialexploitationofelderscanandshouldbereportedtotheOfficeforfurtherinvestigationbycalling410-576-6575.

Financial elder abuse is when someone improperly or illegally makes use of an older adult’spropertyormoney.ThisisthefastestgrowingformofelderabuseaccordingtotheAARP.Moststatesnowhavelawstoprotectolderpeoplefromthiscrime,butonlyoneinevery25casesisreported.

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PreventionandearlydetectionofelderfinancialexploitationarekeytomaintainingthefinancialhealthofolderMarylanders,fuelingthemissionofPROTECTWeektoraiseawarenessoftheissue,helpMarylandersrecognizethewarningsignsandgivethemthetoolstointerveneearlywhenanolderadultisindanger.

CAMPAIGNPARTNERSUPPORT:

AARPestimatesthatapproximately$120,000islostperelderfinancialabusevictim.

WellsFargounderstandsthatjugglingexpensesinretirementcanbechallengingfromsocialsecurityandlong-termcaretoestateplanning.Thebankoffersafree,non-commercialprogramcalled“HandsOnBanking”thatteachespeopleinvariousstagesoflifeaboutthebasicsofresponsiblemoneymanagement.

AccordingtotheMarylandDepartmentofVeteransAffairs,whichsupportsMarylandveteranswho served on active duty in the US Armed Forces, disabled veteransmay be susceptible tofinancial abuse, as veterans that have been disabled in the line of duty receive compensationbenefitswhichmayattracttheattentionofthoseinapositiontofinanciallyexploitorabusetheveteran.

- VA-appointedfiduciaries,caregivers,familymembers,religiousleaders,orsalespeoplemay

persuadeorthreatenveteransintobuyingunnecessaryitemsorgivingcashasagift.

- Elderfinancialabuseandexploitationcanleaveaveteranwithoutahomeorevennecessary

medication.

- Educationandresourcesarevaluabletoolstopreventinvestinginorganizationsanddonating

tocharitieswhicharenotwhattheyappeartobe.

TheMarylandConsumerRightsCoalitionrecognizesthatbanktellersareoftenthefirsttonoticewhensomethingfinancially“fishy”ishappening.

- In Maryland, bank tellers are mandated reporters who are required to report suspectedfinancialexploitation.

- TheMarylandConsumerRightsCoalitionworkstoincreasetheusageofbankbranchesinourcommunities,andtoimprovethetrainingsfortellersonhowtospotandstopfinancialabuse.

- Age-friendlybankingplaysanimportantroleinaddressingfinancialabuse.

According to the Maryland Department of Aging, clever schemes-featuring sophisticatedtechnologyandpreyingonfearstogetpeopletosendmoneyorgiveoutpersonalinformation-defraudmillionsofolderadultseveryyear.

EverSafe isan innovative technology tool thatprotects the financialhealthofolderadultsandfamilymembersagainstfraudandidentitytheftbymonitoringfinancialaccounts,creditreports,and other data sources for suspicious activity and age-related issues — accessibleviawww.EverSafe.comand/oryourmobiledevice’sappstore.

MarylandVolunteer Lawyers Service (MVLS)provides low-incomeMarylanderswith civil legalservicesbyconnectingindividualsinneedwithprobonoattorneys.

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- The organization’s staff and volunteer attorneys have a deep understanding of the harmelderfinancialexploitationcanhaveonindividuals,sotheyeducateseniorsaboutscamsandgimmickstargetingthepopulation.

- In addition, MVLS guides seniors through the estate planning process with the hope ofpreventingfinancialuncertaintyamongtheirfamilies.

TheCASHCampaignofMarylandworksdirectlywith social servicepractitioners, for example,those who have senior clients or whose clients work with seniors to help educate them onpreventativemeasuresofelderfinancialexploitation.

- The CASH Campaign of Maryland promotes economic advancement for low-to-moderateincome individuals and families in Baltimore and acrossMaryland. CASH accomplishes itsmissionthroughoperatingaportfolioofdirectserviceprograms,buildingorganizationalandfield capacity, and leading policy and advocacy initiatives to strengthen family economicstability.

ABOUTELDERFINANCIALABUSE:

Financial exploitation causes large economic losses for businesses, families, elders, andgovernment programs, and can increase reliance on federal health care programs such asMedicaid.(source)

Anationalstudyconductedfoundfinancialmistreatmenttobethemostcommonlyreportedformofelderabuse.(source)

According to the National Council on Aging, approximately 1 in 10 Americans aged 60+ haveexperiencedsomeformofelderabuse.(source)

Onestudyestimatedthatonly1in14casesofelderabusearereportedtoauthorities.(source)

Inalmost60%ofelderabuseandneglectincidents,theperpetratorisafamilymember.(source)

Whilewidelyunderreported,elderfinancialabuseandfraudcostsolderAmericans$2.9billionperyearaccordingtoWellsFargo.

TheNationalCommitteeforthePreventionofElderAbuse(NCPEA)defineselderfinancialabuseasabroadspectrumofconductincluding:

- Takingavulnerableelder’smoneyorproperty- Fraudulentlysigningforelderlypeopleorforgingtheirsignatures- Deceptivelycoercingorusingundueinfluencetogetanolderpersontosignadeed,will,or

powerofattorney- Takingorusinganolderperson’spropertyorpossessionswithoutpermission- Promisinglong-term(evenlifelong)careinreturnformoneyorpropertyandthennotfulfilling

thepromise- Usingdeceptiontogainavictim’sconfidence(alsoknownasconfidencecrimesor“cons”)

AnyonewhosuspectsthatanolderadultisbeingmistreatedorcouldbeavictimoffinancialexploitationorfraudshouldcontactalocalLong-TermCareOmbudsmanlikethoseattheMarylandDepartmentofAging,orcallthepolice.SuspicionoffinancialexploitationofelderscanandshouldalsobereportedtotheOfficeoftheAttorneyGeneralforfurtherinvestigationbycalling410-576-6575.