What does it mean to financially exploit someone?

Financial exploitation occurs when a person misuses or takes the assets of a vulnerable adult for his/her own personal benefit. Assets are commonly taken via forms of deception, false pretenses, coercion, harassment, duress and threats.

Who is more likely to be exploited financially?

Independent elders were 66 percent more likely to experience pure financial exploitation (without accompanying neglect or abuse) than the victims who were dependent.

What to do if you suspect an elder is being financially exploited?

Some have called elder abuse “the crime of the century.” This crime can be difficult to detect and investigate, but one of the few ways to stop an elder from being financially exploited is to report it.

What are examples of financial exploitation of older Americans?

According to the CFPB, the financial exploitation of older Americans varies: It could involve a son who fritters away his mother’s money at liquor stores and casinos when he has power of attorney to manage her assets for her benefit. Or a caregiver who cuts large checks drawn on the account of a charge.

Who is responsible for the exploitation of strangers?

In 51 percent of cases, strangers were identified as responsible for the exploitation. About 14 percent of the reports didn’t specify who was responsible for the suspected fraud. In 36 percent of cases, the victims knew the bad actors, be they a fiduciary or a family member.

Who are the fiduciaries in elder fraud cases?

Fiduciaries have a legal duty to manage people’s assets for their benefit and may be a guardian, a trustee or a person with power of attorney. If a fiduciary was behind the loss, the amount of money involved was steeper than in any other category, for an average of $83,600 per victim.

Who are the people involved in financial exploitation?

Financial exploitation is a fast-growing form of abuse of seniors and adults with disabilities. Situations of financial exploitation commonly involve trusted persons in the life of the vulnerable adult, such as: Caretakers; Family members; Neighbors; Friends and acquaintances; Attorneys; Bank employees; Pastor; Doctors or nurses

How much money has been lost in financial exploitation?

A previous widely cited estimate from MetLife put the figure at less than one-tenth of that – still a high loss, at $2.9 billion; but many experts say that’s most certainly a gross underestimate, given how very few financial exploitation cases ever see the light of day.

Who are the victims of Elder financial exploitation?

Situations of financial exploitation commonly involve trusted persons in the life of the vulnerable adult, such as: APS programs report that the number and complexity of reports involving financial abuse of vulnerable and older adults has grown significantly over the past decade.

Some have called elder abuse “the crime of the century.” This crime can be difficult to detect and investigate, but one of the few ways to stop an elder from being financially exploited is to report it.