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May 28, 2012

Millions of Cases of Elderly Financial Abuse Go Unreported Every Year

Many do not report it
By Gregg Paul

Embezzlement and theft of bank accounts belonging to older Americans is becoming more common as we live longer.
One million cases of financial elder abuse are reported every year. Frank Keating of the American Bankers Association estimates it's more like 25 million.
"When an elderly relative is taken advantage of by a salesperson a crook or by a family member, then they know you may take their car keys away, you may take their check account away, so they don't want to tell you. They don't want to report it," says Keating.
Suspicious new friends, a lot of overdrafts or numerous ATM withdrawals could be warning signs.
Keating says finding a trusted relative and giving them a limited power of attorney to monitor checking accounts can also help avoid abuse.
Keating said it is important to sit down with elderly family members before they have dementia or Alzheimer's and talk about finances.

 SOURCE:          KFYI
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