In the United States, there are over 40 million people over the age of 65, making up 13% of the population. By 2020, people over the age of 65 are projected to comprise 20% of the population. Advances in medicine are allowing senior citizens to live much longer than ever before. Sadly, senior citizens are also common targets for financial abuse.
Certain trends in our society have contributed to the increase of elder financial abuse. Families are becoming more widespread. 100 years ago, most senior citizens lived with their children and grandchildren. Today, many senior citizens must live in convalescent homes or care facilities when they are unable to care for themselves. Losing some amount of mental acuity is common as we age. When seniors are stricken with diseases like Alzheimer’s or dementia, this loss of mental function can become acute. Senior citizens are all too often vulnerable, isolated and have retirement income and other assets that criminals want to get their hands on.
To counteract this trend, firms providing prevention and fraud detection services have begun to appear. Financial Fraud services are designed to detect signs of financial abuse and alert victims or their designated representatives of the problem.
There are several signs that may indicate elder financial abuse:
Changes in Living Situation
As we age, we may lose the ability to live independently in our homes. Many seniors elect to have a home healthcare worker help them with their day-to-day needs. Having a home care worker who lives in their home may be convenient, but it may also be a sign of trouble. If you are a senior citizen, be certain that you can trust anyone you invite into your home. If you are the child or grandchild of an at risk senior citizen, try to help them make wise decisions.
Changes in Purchase Habits
If a senior adult in your life is suddenly purchasing new cars, high-end consumer electronics or firearms, this could be a sign of financial abuse. Sadly, this type of abuse is often perpetrated by the children or grandchildren of the victims, who coerce the victims into purchasing these items for them. Fraud protection services can help seniors with a service as simple as examining their financial records for unusual purchases.
Overuse of Credit Cards
Credit cards are an extremely easy way to purchase items you may not be able to afford otherwise. Because of their long credit history, many seniors have access to large amounts of credit that they may not actually be able to pay off. A criminal can easily bring a senior citizen to bankruptcy and beyond by convincing them to apply for multiple credit cards and run up large bills.
Changes in Power Of Attorney and Other Legal Documents
By coercing a senior to give them power of attorney, the criminal can gain nearly complete control of a senior’s financial life. Unfortunately, the victim’s family may not even know it is happening until it is too late.
In our world, it is all too easy for criminals to prey on the most vulnerable members of society, including senior citizens. If you or someone you know is potentially vulnerable to elder financial abuse, consider using a financial fraud investigation service to watch for problems.
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Veriti Consulting LLC provides elder financial abuse support to individuals and legal teams across the United States. In addition, Veriti is a licensed private investigation agency. To learn more about the types of elder financial abuse services we offer call Veriti Consulting at (877) 520-1280 today.
