Abstract
Elderly 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 the elderly often fall prey to. Identifying these risk factors for exploitation is important in preventing victimization. There are various methods of protecting the elderly from fraud. The elderly do not have to act alone. Often, caregivers can be proactive in assisting their elderly family/clients to put these protections in place. Local, regional, state, and national resources are available to help support these efforts at protection against an investigation of financial exploitation.
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Suggested Resources
Consumer Financial Protection Bureau’s Office of Financial Protection for Older Americans. http://www.consumerfinance.gov/older-americans/ Receives and investigates consumer fraud complaints specifically related to mortgages, credit cards, banks, loans, and more.
National Academy of Elder Law Attorneys. http://www.naela.org/ Offers a search for lawyers specializing in durable powers of attorney, conservatorship, estate planning, elder abuse, and other concerns.
National Adult Protective Services Association (NAPSA). http://www.apsnetwork.org/ Provides a national map with links to abuse-reporting hotlines by state.
National Center on Elder Abuse (NCEA). www.ncea.aoa.gov Has links to additional state directories of help lines, hotlines and elder-abuse prevention resources in all 50 states and the District of Columbia.
National Committee for the Prevention of Elder Abuse (NCPEA). www.preventelderabuse.org provides information on all aspects of elder abuse. Its website has a designated section to help victims and those vulnerable to abuse, providing information in cases of suspected abuse, what services are available to stop it, and information about community resources. Search under “Elder Abuse,” “Help for Victims and Vulnerable Persons.”
The National Association of Area Agencies on Aging (n4a). www.n4a.org The National Association of Area Agencies on Aging (n4a) is the umbrella organization for the 655 Area Agencies on Aging throughout the U.S. These Area Agencies on Aging provide information and services and coordinate and administer programs for older adults. The website provides contact information for your local Area Agency on Aging.
AARP Money Management Program. http://www.aarpmmp.org/ Pairs seniors of limited resources or people with disabilities with trained money-management volunteers. One service helps seniors who remain in control of their finances to balance their checkbooks and pay bills; the other focuses on those deemed incapable of handling their own funds. The program is offered in 21 states and the District of Columbia, though availability varies.
American Association of Daily Money Managers. http://www.aadmm.com/ Links seniors to members nationwide who can assist with bill-paying, banking, insurance paperwork, and organizing records in preparation for income-tax filing, among other tasks.
National Association of Professional Geriatric Care Managers. http://www.caremanager.org/ Provides links to professionals who can facilitate aspects of seniors’ lives, including monitoring home-care workers, managing medical appointments, and identifying potential exploitation risks, among other services. Additional services may include bill payment and handling medical/financial/legal paperwork.
Better Business Bureau Scam Stopper. http://www.bbb.org/scam-stopper/ Has information on common scams and instructions on reporting a scam. Individuals can sign up for scam alerts.
Investor Protection Trust. http://www.investorprotection.org/protect-yourself/?fa=protect-seniors An independent organization which provides information about elder fraud and methods of how to protect yourself from harm.
National Do Not Call Registry. To register, call 1-888-382-1222 or going online to https://donotcall.gov/
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Three Major Credit Bureaus
Three Major Credit Bureaus
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Equifax—www.equifax.com
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To order your report, call: 800-685-1111 or write: P.O. Box 740241, Atlanta, GA 30374-0241
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To report fraud, call: 800-525-6285 and write: P.O. Box 740241, Atlanta, GA 30374-0241
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Hearing impaired call 1-800-255-0056 and ask the operator to call the Auto Disclosure Line at 1-800-685-1111 to request a copy of your report.
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Experian—www.experian.com
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To order your report, call: 888-EXPERIAN (397-3742) or write: P.O. Box 2002, Allen TX 75013
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To report fraud, call: 888-EXPERIAN (397-3742) and write: P.O. Box 9530, Allen TX 75013
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TTY: 1-800-972-0322
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Trans Union—www.transunion.com
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To order your report, call: 800-888-4213 or write: P.O. Box 1000, Chester, PA 19022
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To report fraud, call: 800-680-7289 and write: Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92634
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TTY: 1-877-553-7803
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To request that they notify retailers who use their databases not to accept your cheques, call:
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TeleCheck: 1-800-710-9898 or 927-0188
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Certegy, Inc. (previously Equifax Check Systems): 1-800-437-5120
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To find out whether an identity thief has been passing cheques in your name call: SCAN: 1-800-262-7771
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Factora, R.M. (2014). Financial and Legal Methods to Protect Individuals from Financial Exploitation. In: Factora, R. (eds) Aging and Money. Aging Medicine. Humana Press, New York, NY. https://doi.org/10.1007/978-1-4939-1320-6_9
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DOI: https://doi.org/10.1007/978-1-4939-1320-6_9
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