Methods to Protect Individuals from Financial Exploitation

Abstract

Older individuals are common targets for financial exploitation. Common risk factors for victims include dependence in activities of daily living, social isolation, a lack of knowledge about the presence or value of their assets, and the need for help to manage many of their affairs. Perpetrators often have common characteristics as well. Many of these individuals are family members or caregivers with important roles in maintenance of daily routines. Opportunity, sense of entitlement, and greed provide the impetus for exploitation to occur. Exploitation often manifests in various forms of fraud, which older persons often fall prey to. Identifying these risk factors for exploitation is important in preventing victimization. There are various methods of protecting potential victims from fraud. Older persons do not have to act alone. Often, caregivers can be proactive in assisting their family/clients to put these protections in place. Local, regional, state, and national resources are available to help support these efforts at protection against and investigation of financial exploitation.