Elder financial abuse

The Council of State Governments (CSG) has issued a report on the growing crisis of financial exploitation of the elderly, which comprises forty percent of elder abuse cases. Seniors are "uniquely vulnerable" because many are isolated, they are trusting of strangers, and they have quick access to signficant cash. They can be victimized by telemarketers, caregivers, and their own family members. Like other forms of elder abuse, few victims come forward. For seniors, a loss of financial security can be permanent and life-threatening. If they become dependent on public assistance, from housing to Medicaid, taxpayers bear those costs. States are addressing this complex problem through legislation and innovative programs. Mandatory reporting laws have been linked to greater investigation of elder abuse. Some states are getting banks involved, recognizing that frontline bank employees can spot suspicious cases.

Elder Financial Exploitation: The Silent Epidemic
(available in PDF, 5.5MB, from CSG)