The Color of Money: Look For signs of Fraud Against the Elderly (USA)

The Color of Money: Look for signs of fraud against the elderly


By STAFF REPORTS

TIMES-DISPATCH COLUMNIST

June 22, 2010

When we talk about the aging population in the U.S., the conversation is often focused on who will take care of the physical needs of millions of seniors.

But there's a growing threat we also need to make our concern -- fraud of the elderly.

One out of every five Americans over 65 -- that's 7.3 million seniors -- has been victimized by a financial swindle, according to a newly released survey by the Investor Protection Trust, a nonprofit education organization.

This survey is particularly troubling when you consider that more than a third of people over 70 have some form of memory impairment, according to a 2008 published study by a national team of university researchers. Cognitive problems make seniors more vulnerable to fraud.

Stealing from seniors adds up to more than $2.6 billion a year, according to a report released last year by MetLife's Mature Market Institute, the insurer's research organization.

"With the present state of the economy, older Americans are at a greater risk than ever of having their financial security threatened," said Sandra Timmermann, director of the institute.

For each case of elder fraud reported to authorities, an estimated four or more go unreported, according to MetLife. Family members and caregivers are the perpetrators in 55 percent of the cases.

To catch the thieves, the Investor Protection Trust has joined forces with a number of organizations to create the "Elder Investment Fraud and Financial Exploitation" project. The organizations involved include the North American Securities Administrators Association, the National Adult Protective Services Association, the American Academy of Family Physicians, the National Area Health Education Center Organization and the National Association of Geriatric Education Centers.

The project centers on teaching medical professionals and adult protective services workers to identify the red flags that a senior is being financially abused.

Using a grant from the Investor Protection Trust, clinicians and geriatrics faculty from the Baylor College of Medicine in Houston have developed a "Clinician's Pocket Guide" with questions and checklists. To download the short brochure, go to www.investorprotection.org.

To help direct professionals who may not know how to broach this topic, the pocket guide suggests saying: "We find that some older adults worry about money; may I ask you a few questions about this?"

Here are a few questions:


•Who manages your money day to day? How is that going?


•Have you given power of attorney to another person?


•Do you have a will? Has anyone asked you to change it?


The guide lists resources and where to report suspected abuse.

The elder-abuse project was field-tested in Texas, where several cases went to trial and resulted in convictions.

The more seniors are scammed out of their money, the greater the financial burden to care for them will fall to the government.

So watch out for the seniors you know, especially if you begin to see signs of mental loss. Report any suspected abuse. This is your business.

SOURCE:     TimesDispatch


______________________________________

Click for Updates, More Cases and Resources
Search Right Col/Labels for More Posts/Resources