 |
Financial Abuse of the Elderly
|
|
Financial abuse
is a rapidly growing crime among the elderly population. The
methods of financial abuse are as numerous as the abuser is creative.
However, two factors remain constant this type of abuse
is both financially and emotionally shattering to an elderly
individual.
Findings from the often-cited 1998 National Elder Abuse Incidence Study suggests that more than 500,000 Americans aged 60 and over were victims of domestic abuse in 1996. Elderly abuse occurs when an older person's financial resources such as cash, investments, and property are taken away by an individual they trust for personal gain and to the detriment of the elderly person. The trusted individuals could be family members, friends, personal caretakers, as well as other unscrupulous individuals. The abuse may be a slow, quick, and/or a systematic process.
Elderly citizens are easy targets of abuse because of dementia, financial resources, and an increase in population growth. According to the 2000 census, individuals between 65 and 74 have the highest net worth of any age. Nevertheless individuals 75 and above also have money. Seniors often live alone, and may be lonely and too trusting of others. A history of domestic violence may also make a senior more susceptible to financial abuse.
The North American Securities Administrators, Inc. (NASAA) warns that the elder investor is a prime target for con artists. Countless records depict tragic examples of elder investors who have been cheated out of savings, windfall insurance payments, and even the equity in his or her home. NASAA encourages elder investors to use these tips when dealing with individuals and their money for investing:
- Don't be a "courtesy victim."
- Check out strangers offering "strange" deals.
- Always stay in charge of your money.
- Don't judge a book by its cover.
- Watch out for salespeople who prey on your fears.
- Don't make a tragedy worse with rash financial decisions.
- Monitor your investments and ask tough questions.
- Look for trouble retrieving your principal or cashing out profits.
- Do not allow embarrassment or fear to stop you from reporting investment fraud or abuse.
- Beware of "reload" scams. If you are already the victim of an investment scam, don't compound the damage by letting con artists "reload" and take a "second bite" of your assets.
Contact the Alabama Securities Commission if you believe you have been a victim of investment fraud at:
770 Washington Avenue, Suite 570
Montgomery, AL 36130-4700
Phone: (334) 242-2984 or (800) 222-1253
E-mail: asc@asc.state.al.us.
Abusers of older adults are both women and men, and often involve family members. Research data revealed that adult children were the most common abusers of family members, and spouses are the most common perpetrators. If the abuser is a family member, often the elderly is emotionally abused. Emotional abuse occurs when someone inflicts mental pain, anguish, or distress on an elder person through verbal or nonverbal acts. When such abuse occurs, many seniors are too embarrassed or afraid to tell anyone about what is happening to him or her.
The National Center on Elder Abuse lists the following warning signs of elder abuse. While one sign does not necessarily indicate abuse, there are some tell-tale signs that could indicate a problem such as:
- Bruises, pressure marks, broken bones, abrasions, and burns may be an indication of physical abuse, neglect, or mistreatment.
- Unexplained withdrawal from normal activities, a sudden change in alertness, and unusual depression may be indicators of emotional abuse.
- Bruises around the breasts or genital area can occur from sexual abuse.
- Sudden changes in financial situations may be the result of exploitation.
- Bedsores, unattended medical needs, poor hygiene, and unusual weight loss are indicators of possible neglect.
- Behavior such as belittling seniors, making threats, or other uses of power and control by spouses are indicators of verbal or emotional abuse.
- Strained or tense relationships and frequent arguments between the caregiver and elderly person are signs of trouble.
There is something each of us could do to help stop elder abuse. First, it's important to be alert. Seniors may suffer in silence. If you notice changes in personality or behavior, you should start to question what is going on. We can also report suspected cases to the proper authorities. The laws in most states require professionals such as doctors and home health providers to report suspected abuse or neglect. These professionals are called mandated reporters.
In addition, there are several laws that address criminal penalties for various types of elder abuse that vary from state-to-state. Some states have increased penalties for those who victimize older adults. In Alabama, law enforcement officers and prosecutors are trained on elder abuse and ways to use criminal and civil laws to bring elder abusers to justice. Contact your local law enforcement office if you suspect financial or physical abuse of an elderly citizen.
References
Alabama Securities Commission. How older Americans can avoid investment fraud and abuse. Investor Education/Investor Tips. Retrieved February 22, 2005.
National Center on Elder Abuse. (September 1998). The national elder abuse incidence study. Retrieved February 22, 2005.
U.S. Department of Commerce Economics and Statistics Administration. (October 2001). The 65 years and over population: 2000. United States Census Bureau: Census 2000 Brief. Retrieved February 22, 2005.