Elder Angle
Preventing Financial Exploitation of Seniors
According to the National Center on Elder Abuse, more than five million Seniors are victims of financial abuse each year. Financial exploitation is the illegal or improper use of another person’s resources for personal profit or gain. It can take many forms including the misuse of funds or property, cashing checks without permission, forging a signature, forcing or deceiving someone into signing a document and using an ATM card without permission. The perpetrators of these crimes are usually people in a position of trust with the victim. Frauds and scams against Seniors involve not only strangers but family members also.
Common types of fraud against Seniors include credit card, telemarketing, and home repair fraud. Credit card fraud involves making unauthorized purchases or using the victim’s personal financial information to open a credit card account. Telemarketing fraud can involve a telephone call offering a prize in exchange for money from the Senior. Home Repair fraud may involve individuals who may be con artists posing as home repair specialists.
Seniors can help reduce their chances of becoming victims of financial exploitation.
Request annual free copies of credit reports at 1-877-322-8228 or www.annualcreditreport.com. Review for errors and dispute inaccurate information with credit bureaus.
Review bank and/or credit card statements regularly for unauthorized charges.
When called by a telemarketer ask for the name and address of the company and ask to receive written materials prior to purchasing any products or receiving a prize.
To reduce telemarketing calls, list your telephone number with the National Do Not Call Registry at 1-888-382-1222 or www.donotcall.gov.
For home repair needs, be wary of door-to-door offers of free estimates. Never pay cash or pay for unfinished work.
Remember financial exploitation is a crime and should be reported to local law enforcement. Report suspected cases of financial exploitation of a Senior to the Florida Abuse Hotline at 1-800-96ABUSE (1-800-962-2873). For the hearing impaired, the Abuse Hotline can be accessed through the Florida Relay Service at 1-800-453-5145 TDD. It is available twenty-four hours a day and seven days per week.
For additional information on financial exploitation or presentations on elder abuse and financial exploitation, contact the Elder Helpline at 1-800-96Elder (1-800-963-5337). The Elder Helpline also assists with information about services available to Seniors and caregivers.
