If the holidays this year is anything like last, seniors should be noted that, along with the seasonal increase of joy and excitement, the risk of falling victim to financial abuse in the adults also increasing. Adults need to know the warning signals of financial abuse and exploitation, how to prevent it, and what to do if it happens.
According to research conducted by Karen A. Roberto, director of the Gerontology Center at Virginia Tech, from 1128 old news articles about child abuse published from November 2010 to January 2011, 31% dealt with the abuse of nature in finance. Although slightly more than a quarter of the events identified as a random act that causes financial loss is relatively small, the high level of brutality and disregard for human life marked crimes. More disturbing revelation to the family, friends, and neighbors were identified as perpetrators in 45% of cases and general lack of dollars in the hands of family and friends is higher than any of the other categories actors.
“Our findings support what the service provider to long suspected, older adults are particularly vulnerable to financial abuse during the holidays,” said Roberto, who also serves as associate professor human development in the College of Liberal Arts and Human Sciences. “This may be due to an increase in the frequency of visitors in and out of their homes, money flows more freely, and pain that brings them out of their normal routine.”
The research study, which also analyzed newsfeeds from April to June 2010, determined that older Americans are losing $ 2.9 billion per year in elderly financial abuse, an increase of 12% from $ 2.6 billion estimated in 2008. “A trend,” said Roberto, “which is probably a reflection of the state of the economy.”
Elderly women are the biggest victims
Elderly women, especially those aged between 80 and 89, were found in nearly twice as likely to be the victim of financial abuse as men. They often live alone and often required some level of assistance with either health care or home care. In contrast, nearly 60% of offenders have found that young men between the ages of 30 and 59. In almost all cases reported through newsfeeds studied, financial abuse was obtained by fraud, threats and emotional manipulation adults.
Financial cases of abuse tend to bundle the three different types of crimes: occasion, desperation and predation. Chances changing crime when the victim is considered to be in the way of what you want the culprit, it’s money, jewelry, or bank account.
Hopelessness of crime where they are usually family members or friends become desperate for money that they will do anything to get it. Many family members are dependent on relatively old for housing and money.
Finally, the criminal predation occurs when the trust created for the purpose of financial abuse later. A good relationship is formed by the bond of trust that was created to develop relationships (romantic, give care or otherwise) or as a trusted advisor to professionals, and then used in financial take advantage of the elderly.
10 tips for seniors to consider
Preventing financial abuses begins in adults. Some of the major considerations in the prevention of such situations include:
Stay active and involved with others, the separation increases the same weaknesses and opportunities for victims.
Keep track of your financial affairs. Although the assistance is needed, or a trusted friend or family member should check your credit card and bank statements and other financial transactions. It is advisable to use direct deposit if possible and sign the checks yourself if able.
Stay well. Knowing where your financial documents (including wills, trusts and powers of attorney). They remain safe and annually review, update as circumstances change.
Discuss the benefits of appointing a power of attorney so that you can referrals be followed even if you become no longer express themselves.
Beware of making financial decisions. Do not let anyone pressure you into making any hasty decisions. If something sounds too good to be true, it probably is. Never give out bank account number, ID number or account numbers of credit lawyer.
Protect your password. Do not share your banking passwords, computer or ATM to another, and let the company or bank if you notice any suspicious charges or transaction.
Beware of telephone solicitation. It is not rude to hang up the phone when an unknown caller was trying to communicate something you do not want to do or buy something you do not want. Hanging!
Be wary of people who may take advantage of you. Elderly financial abuse can be made by anyone, including the caregiver or family member. Be careful if any pressure to do something with the money or property that you do not want to do (for example, add their name to your bank accounts or property titles). Beware of anyone trying to keep you separate from others, and call a trusted family member or police.
Identify potential financiers. Most of the actors were very persuasive in convincing parents of their beliefs. Again, not to make policy decisions without talking to a person that you believe that your best interests at heart.
Knowing what to do if you believe you are a victim of financial abuse. Get rid of fear or shame, and discuss your problems with someone you trust, if other family members, clergy, bank manager, or lawyer.