A complete guide to elder financial abuse

A complete guide to elder financial abuse


What is elder finance abuse?

 It’s a fraudulent, illegal and unauthorized act or a process that uses the resources and property of the older citizen for the personal benefits and gain. As a result, elder people are derived from using their own money and it leads them to face various kind of financial as well as mental problems. elder citizens are suppressed from having the right and access to their property and belongings.  These type of cases are generally coming if the caregiver is not an appropriate person. These types of abuse involve taking advantage of the old aged person to fulfill a personal desire. These type of problems are so widespread that every year a large sum of money is being looted from the older people. Many kinds of scams, frauds, and exploitation cases are coming up every year. If we look up at the case of the US then the number of older people who are a victim of this abuse is approximately 37 percent. Through this article, a lot more has to be discussed on this issue, so that our senior citizens don’t fall prey to this trap.  To avoid getting abused financially get visit www.medicareadvantageplans2020.org to get professional information on 2020 Medicare advantage comparison and get credible data.

Who is involved in elder finance abuse?

 The number of increasing case of finance abuse is worrying, what has been observed that people who are closer to the older people are more indulge in this type of cases. According to a survey, two-thirds of this crime is committed by family, friends or some trusted people. At that age, older people tend to believe someone easily and they get trapped. The people who commit this crime are generally family members, caregivers, neighbors, attorneys, bankers, and other finance institutions and health care providers. Elders are requested to identify this type of person and stay alert from them.

The execution of the crime

 There are numerous ways through which these activities are carried out. Generally, they demand money in the form of taxes for the lottery or some special prizes. Many home repairing person is taking money from older people by telling that they need material cost in advanced. After being paid, these people run away with the intention to never show their face. People are also defrauding the senior citizens in the name of charity. They are making them transact money in the fake account. The utility company, email phishing are some of the common sources to execute these crimes.