financial exploitation: an overview “illegal or improper use of an elder’s or incapacitated...
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Financial Exploitation: An Overview
“Illegal or improper use of an elder’s or incapacitated adult’s resources for profit or personal gain”
Taking money or other items from elder’s bank accountSelling/transferring propertyUsing name/good credit for own purposesMisusing Power of AttorneyChanging will or trustsNot returning borrowed money
Reluctance to report financial abuse: Mostly because no one knows who to report to.
Home: Due to emotional attachment to person that is exploitingProfessional Care: Care giver reluctant because of strict policy of confidentiality
3 Scenarios of Financial Exploitation
Physical Dependence: Person becomes isolated and completely dependent on caregiver. Loses power to say no. Person may appear rational and healthy, but may still ratify the transactions.
Elder who is “slipping”: Cases involving Dementia/other sicknessTrusts in the exploiterUsually has no idea of what is occurring
Bereaved Widow(er):Had relied on spouse to handle financial affairsWhen spouse passed away, needs someone else to takeoverDealing with finances can seem like a nightmare, so exploiter comes as a relief
Elder Abuse: Financial Exploitation (Statistics)
• Estimated 1 in 25 cases of elder abuse are Financial Exploitation (FE), so 5 million victims each year•2001 Survey: 34 states + Guam responded
–28 states = 38,015 reports–58% female / 64.7% 66 years old ≤–40% reports made by people between ages of 65 and 80 –29 states had mandatory laws for reporting Financial abuse
•11 include financial institutions as mandatory reporters–10 states have registry of financial abusers–Only Oregon has an estimated value of losses for the year: $50,000 to $100,000 for 47 cases.
•2004 Survey: Of women in European countries–FE 2nd common at 14% after neglect–Most cases were reported in home
•65% by a family member•15% Long term care staff
Financial Exploitation in the Home
Who?
Family Members: Children, Spouses, Grandchildren etc.
Strangers: Hired help, Neighbors, Email Fraud
How? Controlling email, phone calls, visitors, and outings
False promises
Fear/Lying
Threaten with harm or neglect
Manipulation: Food and medicine
Forgery
Financial Exploitation: Fraud/Scams
Telemarketing fraud robs U.S. citizens of at least $40 billion
annually (more are being targeted specifically at elderly)
Prizes that person must pay to claim
Phony charities
Investment fraud
Paying for calls in order to receive information (ie. How to get free stuff)
Why do you think elderly people are susceptible to things like this?
Financial Exploitation: Professional Care
Insurance Fraud Unnecessary tests/equipment are given to patients, then billed to insurance companies or Medicare
Hired for healthcare, but non provided
Example:
Nursing home caregiver stealing money from a patient’s account
Intervention
Report: Some states have telephone help lines
To police or family members depending on position
Judicial: Take legal action against abuser/exploiter
Non-Judicial:Alert Family Members (If you are a caseworker/Professional)