One rising aspect of elder abuse is financial elder abuse. Though get-rich-quick scams are common, another common source of financial elder abuse are caregivers, family members, and financial advisors. Ironically, those same sources can also be the first line of defense in recognizing that financial abuse has occurred. As can the government, who has been the first line of defense and prosecution against these acts. Forbes reports on the Senior Safe Act, which could help to prevent and prosecute financial elder abuse.
Proponents of the Senior Safe Act acknowledge that it won’t completely end financial elder abuse, combined with the 2017 Elder Justice Prevention and Prosecution Act and standards set by the new Financial Industry Regulatory Authority could go a long way in stopping the abuse or at the very least, reducing its severity.
Because financial advisors can be the first line of defense in discovering financial elder abuse, the Senior Safe Act would protect these people from liability if they reported suspected elder abuse to authorities.
The same industry, including banking representatives, would be trained in spotting these signs so that they could be reported to the proper authorities.
Telemarketing scams are the most common kinds of elder abuse perpetrated on our senior citizens. Many have money in their bank accounts and declining cognitive skills make them easy targets.
Females between the ages of 70 and 89 are the most likely victims of financial abuse perpetrated by caregivers and loved ones. This is mostly due to cognitive decline and isolation. Another thing perpetuated by scammers is pretending to be IRS employees convincing elderly persons that they are due refunds but need to give banking information to receive it. They will also try and convince elderly people that they owe taxes that are not really owed.