Financial Exploitation of Elderly a Growing Problem
A report in the Cleveland Jewish News documents the growing problem of financial exploitation of the elderly. Americans aged 70-90 are the wealthiest age group in the country and new technologies such online banking have made financial exploitation easier than ever.
According to a 2009 report, financial exploitation costs the elderly $2.6 billion each year. According to the Cleveland Jewish News report, financial exploiters typically target single women who are dependent on others for care. Financial exploitation can happen to elderly people who live alone or in nursing homes or assisted living facilities.
If you have a loved one in a nursing home or assisted living facility, you should pay close attention to their financial matters to ensure that financial exploitation does not occur. Some warning signs include:
* Sudden interest in banking transactions
* Forged Signatures on financial or banking transaction
* Withdrawal of large amounts of money
* Expanded withdrawal of small amounts of money
* Cashing of checks without proper approval
* Possessions and assets disappearing
* ATM withdrawals that are not approved
* Change in living will that does not reflect the individual
* General changes in financial matters
For more information on financial exploitation, visit the Nursing Home Advocates' Financial Exploitation information page.
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