Financial exploitation and vulnerable people

Financial exploitation among the elderly is a growing issue in the United States. In 2010, a total of $2.9 billion was reported stolen from scams and fraud cases. But these losses often go unreported, so aging experts believe the number is much higher.

The elderly population has become an easy target for thieves and scammers, often being their own children. Many older adults grew up during a generation, where everyone trusted everyone, and lack the skepticism surrounded telemarketers or even known acquaintances.

A study at UCLA found out that olders brains do not pick up on social cues indication that someone is lying or no longer get the gut feeling that something might be off. Also, many elderly deal with social isolation and are willing to engage with anyone for good conversation

Technology has made it easier for stranger to scam the elder. The lottery scam informs an older adult of their winning, but asking them to send money to cover mailing costs. The popular, Grandparent scams, is where someone calls an order adult claiming to be their grandchild and asks for money to get out of an emergency. Internet phishing has also become population, people often email older adults with a false claim from the bank, asking for personal information.

But, it doesn’t end there. Trusted professionals can also exploit the elderly. Predatory lending and investment schemes often promise older people of unrealistic returns on loans and investments.

It has been known that friends or family has financially abused the elderly. Power of Attorney gives financial power to family members, meaning they have access to bank account registered in the older adults name.

Like many issues, bringing awareness to this issue is most important. Once the elderly can determine whether or not something is a scam, the faster financial exploitation will no longer be an issue.

Madelyn Lackman