Elder's financial misuse is an older type of abuse in which abuse of financial resources or misuse of financial control, in the context of a relationship where there is a belief expect, causes damage to an older person.
The Older Americans Act of 2006 defines older financial abuse, or financial exploitation, as "illegal or illegitimate, illegitimate, or inappropriate acts or proceedings of an individual, including caregivers or fiduciaries, who use older individual resources for money or personal gain, profits, or profits, or which result in the loss of an individual who is older than legitimate access, or use, benefit, resources, property or assets. "
Video Elder financial abuse
Type
By family or caregiver
Family members and unofficial or paid caregivers have special access to the elderly and are thus often in a position to engage in financial misuse through fraud, coercion, misinterpretation, undue influence, or theft. Common harsh practices include:
- Money or property is used without senior permission or taken from them, such as the removal from their home and then home use by the offender, or depositing income such as a pension or benefit check
- A senior signature is forged or an identity is misused for financial transactions Senior are forced or influenced to sign deeds or wills, or cause to execute legal documents they do not understand
- The perpetrator fraudulently obtains the power of a lawyer or guardian
- Money borrowed from senior and never paid
Family members involved in financial misuse of parents may include spouses, children, or grandchildren. They may be involved in activities because they feel justified, for example, they take what they inherit or have a sense of "right" because of a negative personal relationship with an older person, or that somehow the price of a lifetime promise of care. Or they can take money or property to prevent other family members from earning money or for fear that their inheritance may be lost due to the cost of treating the disease. Sometimes, family members take money or property from their parents because of gambling or other financial problems or substance abuse.
Senior deception scams and targeting
The elderly are also often subjected to deceptive fraud, fraud, and marketing - often by legitimate businesses. This may include:
- investment scheme or fraud insurance
- fraudulent contracts and unauthorized charges imposed by internet service providers the worthless "lottery" that the parent must pay to collect victory
- fake pharmaceutical or food/health products
- medical billing fraud and unnecessary medical care
- predatory or unnecessary lending, eg reverse mortgage
- gives charity fraud, including pressure to rewrite the will
- identity theft
- lottery fraud
- works from home schemes or other ways to generate revenue
A 1996 study by AARP found that while individuals over 50 comprise 35% of the American population, they accounted for 57% of all fraud victims (AARP, 1996). The degree of vulnerability of the elderly for this type of exploitation varies by type of fraud. For example, AARP found that victims of lottery fraud were more likely to be women over 70 who live alone, with low education, lower income, and less financial literacy, whereas victims of investment fraud are more likely to be men between the ages of 55 and 62 who marry, with income which is higher and financially literate is greater.
Hybrid financial exploitation
Hybrid Financial Exploitation (HFE) is a financial exploitation that occurs simultaneously with physical violence and/or neglect. HFE victims are more likely to coexist with abusive individuals, have fair health/ill-health, fear of violent individuals, to see rude individuals as caretakers, and have longer duration of violence.
Maps Elder financial abuse
Approximate size and scope
Various efforts have been made to estimate the size and scope of the problem. The main difficulty in estimating the size of the problem is:
- Different descriptions of financial misuse - Victims often do not identify as victims of fraud, so researchers generally offer a specific sample of respondents. The more specific the question is, the more likely it is for someone to say that they are experiencing it - for example, surveys focusing on identity theft, telemarketing, "gray costs," or investor fraud have found a much higher rate than general surveys.
- Underreporting - Studies that rely on government databases or press reports are expected to be disabled by factors ranging from five to forty, with 25 being frequently quoted. In addition, because the stigma of the caregiver of victims is more likely to report that their parents have been victimized than the parents to report themselves as victims.
- Differences in the survey methodology - Some surveys call for losses last year, some ask about losses in the last five years, and some ask "have you ever experienced...", and surveys have parents which are variously defined as aged 45, 50, 60, and 65.
Nonfinancial effects
The True Link study found that:
Of the seniors who experienced fraud, 1.8% lost their homes or other major assets as a result. 6.7% skipped medical care, and 4.2% reduced their nutritional intake for budgetary reasons. We estimate 954,000 elderly people currently skip meals as a result of financial misuse. Many suffer from depression, anxiety, or loss of independence. Overall, 41.2% reported that financial abuse had nonfinancial costs as well.
Other effects include credit damage, job loss, depression, and sleep loss.
References
Source of the article : Wikipedia
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