Financial abuse accounts for up to one half of all types of elder abuse in the United States, totaling more than 500,000 cases annually, with an estimated financial loss of over $3 billion per year.
Fiduciary abuse is defined as the illegal or improper use of an elder’s funds, property, or assets. Commonly seen categories of financial fraud include: identity theft, investment fraud, mortgage and lending fraud, mass marketing and other fraud, including sweepstakes and foreign lottery fraud.
Elders are a high-target population for a handful of reasons: they depend on family and friends for their care; they can be physically and/or cognitively impaired; they may be grieving the loss of a loved one; or they are near-retirees who are open to suggestions on ways to manage their funds. Either way, elders generally have money and are more susceptible to fraud than the general population.
The vast selection of choices for financial assistance can be overwhelming. 805Aging, although does not offer bill pay or financial services, can provide guidance and expertise in helping arrange for financial service expertise.
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