Senior Communities Suffer $3.4 Billion In Loss Due to Fraud and Scams in 2020. What can be Done?
When older adults, especially those in long-term care facilities, become victims of a scam, it is known as elder financial abuse, and it is more common than you’d think.
In 2020, over 62,000 Suspicious Activity Reports filed with the federal government were regarding elder financial exploitation, amounting to $3.4 billion, according to the federal Consumer Financial Protection Bureau (CFPB). The average reported loss by elder financial abuse victims is around $60,000.
So how does elder financial abuse happen?
“Unfortunately, there can be financial mistakes, fraud, or identity theft that occurs as a result of living in this kind of community. There are also instances of improper or inflated billing, double bill, and identity theft by ‘bad apples’ on staff,” said Elizabeth Loewy, the former founding chief of the Elder Abuse Unit in the New York County District Attorney’s Office, in an interview with Nextavenue.org.
The COVID-19 pandemic also led to a rise of scams targeting vulnerable adults, as do other “times of crisis”, according to Kelly LaVigne, vice president of consumer insights at Allianz Life.
This kind … Read More... “Tips on Preventing Senior Financial Abuse. Don’t Let Your Family Get Ripped Off!”