Elder Abuse Awareness Month

 
 

Every year, millions of older Americans lose significant portions of their life savings to elder financial exploitation, and the problem is only growing.

.Observed in June, Elder Abuse Awareness Month focuses on the abuse and neglect that elderly and vulnerable adults may face, including physical abuse, emotional abuse, sexual abuse, neglect and financial exploitation.

Financial abuse is one of the most reported types of abuse. One in 10 Americans aged 60-plus has experienced elder abuse—and one of the most frequent forms of elder abuse is financial. Elder financial abuse is defined as someone illegally or improperly using an elder’s (aged 60 or older) money or belongings for their own personal use. In a statement provided by the United States Government Accountability Office, older adults are “financially exploited by strangers who inundate them with mail, telephone or internet scams; unscrupulous financial service providers; and untrustworthy in-home caregivers.” Elder financial exploitation can be carried out by perpetrators through various forms, such as:

Strangers

  • Lottery, mail, telephone or internet scams

  • Door-to-door home repair scams

  • Identity theft

  • Romance scams

  • Charity schemes

  • IRS schemes

Financial Services Providers

  • Sale of fraudulent investments (Ponzi or pyramid schemes)

  • Sale of financial products or services unsuitable for an older adult’s circumstances, such as long-term annuities

Family, Friends, Caregivers or Legal Guardians

  • Theft of cash or other valuables

  • Withdrawals from banks accounts or use of credit cards

  • Transfer of deeds

  • Misuse of an older adult’s power-of-attorney

  • Misappropriation of an incapacitated older adult’s income or assets

  • Identity theft

The National Council on Aging estimates seniors lose over $36.5 billion each year as a result of financial exploitation. And it can be more difficult to detect than physical abuse and neglect because it’s often done by family members, trusted friends, and caregivers.

Reporting Elder Financial Exploitation

Tennessee is a mandatory reporting state. Any person with knowledge of suspected abuse should report it to Adult Protective Services at 1-888-APS-TENN (1-888-277-8366) or online at reportadultabuse.dhs.tn.gov/.

In partnership with the Tennessee Credit Union League.

Jessica Bedard