Consumer Report: Elderly Financial Abuse

By: Lauren Evans Email
By: Lauren Evans Email

Older Americans are easy victims for scam artists. But a Consumer Reports’ investigation has found increasingly it’s trusted family and friends who are abusing the elderly by draining bank accounts, selling valuables, or even taking over their real estate. And those crimes can often be very difficult to spot.

Caregivers, family members, and neighbors can use all kinds of tactics to raid their assets. They can be as obvious as forging signatures on checks, begging for loans that are never paid back, or abusing power of attorney.

When you give power of attorney to someone, it can give him unfettered access to your accounts. Someone who misuses those powers can do real damage. And that’s a real problem for the elderly.

Consumer Reports says to help prevent elder abuse:

--Have bank and investment statements sent to a person you trust to monitor accounts.
--Arrange for direct deposit and automatic bill pay.
--Consult a reputable elder law attorney for advice on wills and limiting power of attorney.

Consumer Reports says there are good places to get help if you or an elderly relative is concerned about financial abuse, including the National Center on Elder Abuse, which has links to help and hotlines.

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  • by William N. Location: NY on Feb 23, 2013 at 01:05 AM
    What we, as a nation, do to our elderly is just plain criminal. Not many people have that kind of money. So when they take all the assets and your parent(s) head to an ALF or nursing home the care they receive is horrible. Senior living corporations are to blame. They collect millions from the government via Medicaid/Medicare and then pay their workers barely minimum wage that only allows to take online payday loans no faxing and wonder why the turnover is so great and no one is trained. The next generation of the elderly will be much worse off.
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