Most of us have probably heard of financial abuse of elders. Stories appear in local media about a caregiver ripping off the person they attend to at the elder’s home. We hear of scammers who call lonely seniors on the phone and persuade them to give the scammer money. We get a bit of news about romance scams on the internet. But are we truly aware of the extent of the worldwide problem of people taking money from vulnerable elders?
How Big Is The Problem?According to AARP, adults aged 60 and older lose an estimated $28.3 billion per year to financial exploitation. According to a report in Forbes and TrueLink Financial from 2015, the figure was $36.48 billion annually. We do know from many sources that the thefts are grossly under reported. That also means that if many cases are never reported to Adult Protective Services or law enforcement, they are never prosecuted. The scammers keep scamming and the theives get away with it.
What Are We Doing To Stop This Abuse?
Government, nonprofit organizations, and elder-focused resources continually attemtp to stop abuse by warning and educating consumers. They focus on the population that is targeted most: people over 60. There is a failure from that effort in that more recent reports suggest that the problem is growing, not decreasing. From my point of view, having personally interacted with, cared for or legally represented hundreds of elders, I can see why education of elders by itself has many limitations. Among them are the fact that the average older person is unlikely to visit the Federal Trade Commission website to learn about the latest scams and how to avoid them. This site is great at informing anyone about tech support scams, investment scams, business imposter scams, and romance scams. Good information but mostly never seen by the likely victims.
Then we have events designs to raise awareness on the day designated, normally June 15 each year. In connection with that date, elder abuse awareness is promoted by numerous organizations. For example, the American Bar Association is sponsoring World Elder Abuse Awareness Day Call-in Event Friday, June 13. Lawyers and the public may call in and ask questions of Weinberg Center staff. The call in event is hosted by The Harry and Jeanette Weinberg Center for Elder Justice and co-sponsored by The ABA Commission on Law and Aging, Elder Law Committee. The date is Tuesday, June 17 | 12-1 p.m. EDT. Anyone can join on zoom.
Who Needs To Become More Aware?
Elders may develop memory loss over time. It can be subtle at first. But eroding memory makes anyone more vulnerable to scams. Families may not immediately see the connection. They may not realize that an aging parent, living alone, socially isolated and perhaps with a few signs of dementia creeping in is a perfect target for scammers. They find these elders. They buy lists of names and contact information. They send those emails or make those phone calls. The effort is big business with organized, managed, paid people doing the dirty work.
My warning is to families. Pay attention. Know how cleverly the thieves exploit loneliness, and any vulnerability they can find. They are well practiced at this. Your own aging loved one is not immune because of background, education, intelligence, nor experience with finances. Theives get to them at an emotional level, such as. “It’s an emergency, this is your grandson”.
AI And Deep Fakes
The “emergency call” from a relative triggering an emotional response is sometimes thwarted by the elder who does not recognize the caller’s voice. Now that deep fakes can be created by artificial intelligence, the fake caller can use the actual relative’s voice, copied from any source, such as the relative’s social media or other source. It’s a terrifying prospect! Every family with an elder needs to be aware of this newer tactic, among the many successful tactics used in our country and around the world to steal billions from elders.
The Takeaways
Stories of older folks being ripped off are common. If you have an aging loved one, educate yourself. It is my belief that families may be able to stop exploitation better than public education about it, aimed at elders. Some aging parents don’t use the internet. Some think it can’t happen to them, they’re too smart. Some have no awareness of the issue and how they, themselves can be targeted. On this moment of public focus on elder abuse awareness, it is wise for anyone with a close connection to an elder to get the latest information on how elder exploitation works. I can imagine a face to face talk with an aging loved one telling that person in one’s own words about scams and raising awareness so that you, yourself become a trusted source of these warnings.
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