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Financial elder
abuse has been characterized by some experts as the crime
of the 21st century. Perpetrators may be a stranger, a business
or service professional who has gained an elder’s
trust; sometimes it may even be a family member.
Particularly vulnerable are older men and women who are
experiencing cognitive decline, who, due to a spouse’s
death or illness, are newly responsible for household finances
or home maintenance or those who are isolated and lonely.
Family members can misuse their powers of attorney to steal
money from bank accounts, obtain credit cards or embezzle
large sums by refinancing the elder’s home.
Elder mothers, especially, may contribute to the dependency
of a troubled son or daughter who constantly seek money
for drugs, alcohol or simply because they are always living
beyond their means.
An older lonely man is sometimes “befriended”
by a younger woman on whom he lavishes expensive gifts or
helps her in paying off her “debts,” eventually
impoverishing, himself. Some other common frauds are:
- Prize and sweepstakes winnings for which you must pay
a “delivery fee.”
- Fraudulent investments that guarantee a huge return.
- Charitable donations to nonexistent charities. Donate
only to those charities with which you are familiar or check
them out online at www.give.org.
- Home or auto repair scams that offer super deals to fix
your roof or driveway.
- Loan or mortgage fraud (www.preventelderabuse.org): Unscrupulous
“predatory” lenders use false tactics to make
high-cost loans to seniors in need of cash. Victims may
often be pressured into refinancing a loan and pay high
fees each time, eventually losing their home in foreclosure
when they are unable to pay.
Tips for Preventing Fraud and Abuse
1. Stay active and engage with others. Avoid isolation
and stay in touch with friends, social clubs and church
groups.
2. Stay organized. Keep papers and legal documents in a
secure location. Review your important documents with a
trusted elder law attorney. Check monthly credit card and
bank statements for accuracy and use direct deposit for
Social Security and other payments to prevent mail theft.
3. Protect your passwords. Do not share your ATM or credit
card passwords. Immediately notify the bank or credit card
company if you find charges you did not make.
4. Do not reply to telephone solicitations. Just say, “I
don’t respond to telephone requests” and hang
up. Add your name to the Do Not Call Registry by calling
1 (888) 382-1222.
FIND OUT MORE
Finally, some helpful resources if you think you or someone
you know may be a victim of financial abuse.
- National Consumers League Fraud Center: (www.fraud.org)
- National Center for Victims of Crime: (www.ncvc.org)
or their help line 1 (800) 394-2255.
- National Committee for Prevention of Elder Abuse: (www.preventelderabuse.org)
Special Connecticut Help Lines
- Elder Abuse: 1 (888) 385-4225
- Protective Services: 1 (888) 385-4225
- Abuse or Neglect of Nursing Home Resident: (860) 424-5871
If you are unsure who to call, try the Eldercare Locator
(800) 677-1116.
Jean Cherni is founder of Senior
Living Solutions, a retirement advisory service. Contact
her at jeancherni@sbcglobal.net or 15 The Ponds, Branford
06405.
H. Pearce Company REALTORS®
is a full-service real estate company with more than 100
agents and branch offices in greater New Haven and the Shoreline.
Corporate and & Commercial offices are located in North
Haven, where the company was founded in 1958. All listings
can be found in color on the web at: www.hpearce.com. |
