The elderly are more likely than average to be exploited financially. This may be due to a number of factors, such as dementia or other disabilities. According to FinCEN, financial institutions reported a collective $27 billion amount in elder related exploitation between the June of 2023 and 2024. Many governmental bodies have had a lot to say about the topic, specifically on how to deal with and avoid being conned. As such we will discuss some here to protect yourself and your loved ones from potential harm.
The FinCEN defines 2 broad categories of this kind of crime: elder scams and elder theft. Elder scams are a deception in which the deceiver tricks the elder into thinking they are a service provider. The elder will then transfer them money in hopes of getting that service, and then the scammer runs off with the money. These constitute the vast majority of elder exploitation. Theft on the other hand is what is says on the tin. A person exploits the trust of an elder to steal from them. These are the main mean the elderly are exploited and it has become such a problem that many governmental agencies have written and talked about what to do if this ever happens to you or a loved one.
The Consumer Finance Protection Bureau has a lot to say about the topic. For one thing, if you feel like your loved ones or yourself have been the victim of theft of a scam, you may call your local Adult Protective Services, and file an offense. Call 911 if you feel like there is an immediate threat towards yourself or an another person. And you can call the local District Attorney to prosecute the person who has caused harm. You may also need to file a report,
regarding that, this is what the CFPB says you may need:
- Time, date, and location of the incident(s)
- Names of anyone who was involved and anyone who observed the incident(s)
- Description of the suspected financial abuse and any other types of abuse or neglect
- Your loved one’s disabilities or health conditions, including any information about decision-making abilities or memory loss
- Whether you believe there is an urgent risk of danger to your loved one or someone else
If you believe that a nursing home member you can call the State survey agency that oversees Medicare-certified or Medicaid-certified nursing homes or the state licensing board relevant to the perpetrator's license. On the instance that you are dealing with a problem with an assisted living community, you can call the assisted living boards or the licensing boards if the person has a medical license.
People have always tried to exploit the vulnerable. The elderly are one of these groups that are hunted by malicious actors. Although prevention is the best medicine, it is not always possible to avoid harm or grief. We hope that by understanding your options you can feel less helpless in case something like this happens.
