Senior financial exploitation often goes unreported. Factors that make seniors susceptible to financial abuse include isolation, loneliness, physical and/or mental disabilities, and lack of familiarity with financial issues. The elder may be unaware that exploitation is taking place or remain silent due to intimidation by the abuser.
Reporting financial elder abuse can save the assets, dignity, and health of a senior. If you suspect abuse, it is better to err on the side of caution in order to protect a senior from victimization.
Why should everyone be concerned?
Elder fraud through financial abuse and material exploitation has devastating effects and ruins the lives of victims. An elder’s entire life savings can disappear, leaving the victim unable to provide for his or her own needs and causing harmful stress and agitation.
Why are seniors targeted?
- Older Americans are most likely to have retirement savings, own their home, and have excellent credit; all of which the con man will try to tap into. The fraudster focuses their efforts on the segment of the population most likely to be in a financial position to buy something.
- Older individuals were generally raised to be polite and trusting. Two very important and positive personality traits, except when it comes to dealing with a con man. The con man will exploit these traits knowing that it is difficult or impossible for these individuals to say no or just hang up the phone.
- Older Americans are less likely to report a fraud because they don’t know who to report it to, are too ashamed at having been scammed, or do not know they have been scammed or are concerned that relatives may come to the conclusion that the victim no longer has the mental capacity to take care of his or her own financial affairs.
- When an older victim does report the crime, they often make poor witnesses. The con man knows the effects of age on memory and is counting on the fact that the elderly victim will not be able to supply enough detailed information to investigators. The victims’ realization that they have been victimized may take weeks or, more likely, months after contact with the con man. This extended time frame will test the memory of almost anyone.
- Lastly, when it comes to products that promise increased cognitive function, virility, physical conditioning, anti-cancer properties, and so on, older Americans make up the segment of the population most concerned about these issues.
