Financial Abuse of the Elderly

Financial Abuse of the ElderlyCombatting Financial AbuseIntroductionElder pecuniary treat is becoming a bigger scourge and monetary valuely problem affecting ageds and their families. As the older adult population in the U.S. continues to increase, so result the opportunities for unscrupulous criminals to take gain of the wealth that some older adults eat accumulated through their lifetime. While these crimes seem to be only pull by strangers, aged fiscal abuse is also committed by people who occupy traditional positions of trust, such as fri shuttings and relatives. Combatting fiscal oldberry bush abuse begins with getting the entire family and social net execute involved. Talk a great deal with the older. Have they been approached by new friends lately? Have they been offered a recent unique opportunity? Listening closely enough, angiotensin converting enzyme result be satisfactory to spot and stop scams forwards they go too far.Importance to the studyFinancial l ossesdue to fraud and abuse preserve undermine the force of older adults to continue tolive in their own homes and afford their long-term health c be needs. Thisstress can take a great gong on the elder. Many older individuals experienceincreased health problems that can tercet to serious depression all due to theincrease in monetary loses. Perhaps worse is the loss of trust older adultsdevelop in separates and themselves after being the victims of financial fraud.Financial Fraud is a Widespread riddleIn 2015 alone,older adults lost a total of $36.5 billion because of financial fraud andscams. Seniors who are socially isolated and/or inmental downfall can be especially susceptible. The abuse can leave victimstraumatized as well as financially harmed, or even ruined. The fear is theproblem could refuse since to a greater extent than 10,000 Americans turn age 65 every day.An estimated onein five older adults has been the victim of financial fraud. Many of thesevictims are s tripped of their assets and leave with little to live on. Many ofthese victims rarely see their money returned even if the criminal is caught.And of course, many an(prenominal) people dont report the crime at all. The Federal switch overCommission says one in 24 financial elder abuse crimes ever get reported. What are some statistics of Elder Financial Abuse? approximately analysts go with the 2010 Investor Protection Trust Elder Fraud Survey which said one in five Americans over the age of sixty-five, has been victimized by a financial fraud and a 2011 MetLife Mature Market Institute study determining that financial exploitation costs seniors at least $2.9 billion annually. At the other end of the scale, True-Link, a company that provides account-monitoring software for elders and their families, has projected that financial elder abuse costs families more than $36 billion a year, 12 times the MetLife estimate. True-Link arrived at its estimate by surveying family caregivers of older people. Defining financial elder abuse is very difficult because of the wide estimates of what is considered financial elder abuse. Many know its a problem but how big the problem is quite hard to say, because hard data is so scarce. The reason for this scarceness is due to the fact financial abuse often goes unreported, because the victim often feels shame and embarrassment. This paper will explore financial abuse and how to combat financial abuse in the elderly population.Literature ReviewMany theories havebeen proposed to help explain financial elder abuse. Such theories have mainly been equalfrom other fields such as child abuse and intimate partner abuse. Although the literature covers awide pastiche of these theories, this review will accent on several major themeswhich emerge repeatedly though out the literature reviewed. These themesinclude how prevalent is elder financial abuse, who is committing elderfinancial abuse, what make does financial abuse have on its v ictims and whatcan be done to help restrain elder financial abuse. Although the literaturepresents these themes in a variety of contexts, this paper will primarily focuson their application to how devastating elder financial abuse can be to itsvictims.The prevalence offinancial elder abuse is on the rise. As baby boomers are now in retirementcriminals are taking advantage of this ever-increasing opportunity to stealfrom them. Burns, Henderson, Charles, Sheppard, Zhao,Pillemer and Lachs (2017) suggests that, Approximately one of every 18cognitively intact older adults living in the community experiences financialfraud or scam each year. It is felt that elder financial abuse can beconsidered a sort of financial exploitation. This exploitation occurs whenthe perpetrator misuses or takes the elders money for their own ainbenefit. This frequently happens without the knowledge or consent of a senior,depriving them of vital financial resources.The rising number of seniors only increases the opportunities for perpetrators to practice their art of stealing. The question that begs to be answered is who would do this to our most vulnerable generation?Perhaps the mosttragic element of elder abuse is the fact that in many encases, the perpetratoris a sure friend or family portion whom the elderly psyche thinks is actingin their best interest. A popular way to build access to the elders finances isthrough using the services of a uprightnessyer. Lawyers need to be aware of the ways in which theirservices may be used by family members or caregivers as a means of financialabuse. Hannah (2016) says Often, a lawyer may be conveyed to draft documentsthat provide an elderly persons family member or caregiver with an opportunityto steal the elderly persons possessions. A story was once told about a distraughtsister,convinced that her brother was stealing from their parents. Thedaughter was concerned because the son was given total control over theirparents affairs. Thisga ve him the legal authority to make both financial decisions without beingaccountable to anyone else and all healthcare decisions as well. When solicited if the daughter had mobilizeed Adult Protective Services, she said, nobecause she didnt want to get her brother in trouble. Perpetrators are notlimited only to the ones the senior might know, there are others.Seniors control amajor portion of the nations wealth. Thieves go where the money is and realizethat the elderly often suffer from cognitive and physical disabilities and arevulnerable. Also, many seniors are socially isolated, lonely and have no one to confer with on financial matters thus making them susceptible to manipulation.Goergen and Beaulien (2010) explains,Perpetrators pretend trustworthiness by posing as relatives when they call theelderly on the telephone or pose as craftsmen at victims doorstep, or theyappeal to victims readiness to help by pretending to be a family member in a stain of distress and needing support . Another sad story was told, when aman prompted an elderly woman to sell her home and wirethe money to a mysterious commit account.The man, who claimed to becommunicating from another country, promised to marry her. It was all a scam.Today, the woman is homeless. When asked why she did that, she said, well thats what youdo when youre in love. People committingfinancial fraud schemes are experts in deception, and very good at coming upwith new ways to trick unsuspecting victims. They have learned to be experts inmanipulation. Tacchino (2017) says in some cases,the elderly client feels liable for what happened and they are tooembarrassed to make a complaint. Suffering victimization can lead a seniorto withdraw and have an increasing feeling of hopelessness. Faced with financialloss, some victims may contemplate suicide. Additionally, having money stolen in retirement can make itdifficult for the elderly to afford needful medical care which can cause medicalconditions to worsen. Wh ile itsimportant to understand the signs of elder abuse, it may be more productive totake steps to prevent abuse from occurring in the freshman place. Oumlil and Williams(2011) Given the significance of the elderly consumer market in the developmentof successful and comprehensive marketing strategies, it is imperative thatmarketing decision-makers and policymakers better understand and respond to thevaried needs of this significant consumer segment. Family conversations can help gain insight intothe seniors affairs and mental state. Jackson (2015) explained, peoplewho have been battling financial exploitation are pleased to observe the increased guardianship that financial exploitation is receiving at all levels of society. Family discussionsbetween elders and adult children could serve as a much-needed reality check. Ideally,conversations on these matters should take place well before retirement, toensure that elders are adequately prepared. This will give the whole family thetime needed to anticipate, plan, and make smarter, more informed decisions. In identifyingweaknesses and gaps, one question would be how often are perpetrators caughtand what are the penalties that they would receive. There is very little to no news of anyonebeing fined or sent to prison for stealing an old persons life savings.In conclusion, focusing on these fivemajor themes which have emerged though out the literature reviewed include a better intelligence of the prevalence in elder financial abuse, who is committingelder financial abuse, what effects financial abuse has on its victims and whatcan be done to help prevent elder financial abuse. Hopefully this will show howdevastating elder financial abuse can be.Oral HistoryAn interview with Joe F. who wishedto remain unnamed is 77 years old. Hehad the unfortunate experience of someone trying to trick him into sendingmoney under the false impression of helping a family member out of a financialjam. Joe became an unwilling expert inth e popular scam which is commonly known as the grandparent scam. Goergen and Beaulien (2010) explain, that perpetratorspretend trustworthiness by posing as relatives when they call the elderly onthe telephone or pose as craftsmen at victims doorstep, or they appeal tovictims readiness to help by pretending to be a family member in a situationof distress and needing support. It is so simple and so devious becauseit uses one of most accepted assets seniors have, its their hearts. Scammers willplace a call to an elderly person and when the senior picks up, they will saysomething along the lines of Hi Grandpa, do you know who this is? This is barely how Joe said his unsuspecting scam call started out. He said when heanswered the phone, the voice on the other end was hard to recognize, theexcuse was given that it was a bad cell phone signal. The unsuspectinggrandparent guesses the name of the grandchild the scammer most sounds like. Byinsideng this the scammer can establish a fake identi ty without having to do anybackground research. Joe said, Is this Jack? The voice on the other end said,yes, its Jack. Once the fake grandchild identity is established the scammerwill usually ask for money to solve some unexpected financial problem such asoverdue rent, payment for car repairs, etc. In Joes casethe caller said they were in a traffic accident and needed some money to havethe car towed. Often the scammer will ask money to be sent via Western Union orMoneyGram. Often money transferred this route does not require identificationto collect.At this point, Joe began to be mistrustful because Jack onlyhas his learners permit and would not be driving alone. So, Joe began to probe further by askingwhere Jack was. The voice on the other end was reluctant to say. Often the scamartist will beg the grandparent, please dont tell my parents, they would killme. By this time, Joe felt like thiswas a scam and hung up the phone. These scams arelikely to be done hundreds of times on unsu specting seniors just like Joe. Thefact that no research is needed makes this a scam a popular one that can beperpetrated over and over at very little or no cost to the scammer. After the call,Joe went on to say how vulnerable he felt. He said they knew my number, theyknew my name and now they know my grandsons name. Then he said, my feelings ofvulnerability turned to anger. These feelings are common with the victim.Imagine the heightened feelings of vulnerability and anger knowing they had stolenyour money as well. Joe said he was glad I was doing this research on thistopic and hopes this will help others be more educated about how to avoid beingvictims of this type of financial abuse. Brians Story is about financial elder abuse that happens when theperpetrator is known to the victim. Brians brother, stole thousands of dollarsfrom him when Brian moved into an assisted living center. Brians retirementfunds began to disappear after his brother was granted occasion of attorney to tak e care of his finances.After Brian had a visit with his son, they uncovered that Brians brother hadlied to him about the selling price of his condominium. The price was $156,000more than what is brother had said the condo sold for. When he returned home,Brian unsuccessfully tried to address the subject with his brother. Things tooka turn for the worse when he got a garner from Medicare that said that becausehe hadnt paid his premiums he was suspended from the program. His brother hadneglected making these payments. For Brian, taking his brother to court proved futile.Through a series of consultations, Brian said he was told that even if hisbrother did get convicted, he would be dead by the time he would recover any ofthe money. besides Brian isnt letting his financial woeskeep him down. His attitude isinspirational. Brianis not alone. So many elders will be financially abused annually, and thenumbers will continue to rise, because many seniors are likely too scared orotherwise una ble to seek help.DiscussionAs many of us haveparents that are elders or we might be elders ourselves, it is important tounderstand how prevalent elder financial abuse is. It is imperative to know whois committing elder financial abuse, to understand what effects does financialabuse have on its victims and what can be done to help prevent elder financialabuse from happening.Some have argued thatfinancial elder abuse is not very common because the news seldom carriesstories of such cases. However, findings from Burns,Henderson, Charles, Sheppard, Zhao, Pillemer and Lachs (2017) suggests that approximately fivepercent of cognitively intact older adults living in the community experiencesfinancial fraud or scam each year. As the increase of baby boomers now inretirement criminals are taking advantage of this ever-increasing opportunityto steal from them. As a home health nurse, I am finding that financial elderabuse is happening more and more due to the increased complaints reported by mypatients. So why are the elderlyso vulnerable? Thievesgo where the money is and realize that the elderly have it. To make getting iteasier, many seniors often suffer from cognitive and physical disabilitiesmaking them more vulnerable. Goergenand Beaulien (2010) explains, perpetrators pretend trustworthiness by posing asrelatives when they call the elderly on the telephone or pose as craftsmen atvictims doorstep, or they appeal to victims readiness to help by pretendingto be a family member in a situation of distress and needing support. This iswhat happened to Joe F. but he was one of the lucky ones who figured out it wasa scam. Too many other seniors fall victim and lose.It seems simple enoughnot to trust strangers but who can protect the senior when the abuse is comingfrom someone known and certain(p)? Lawyersneed to be aware their services may be used by family members or caregivers asa means of financial abuse. Hannah (2016) often, a lawyer may be asked to draftdocuments that provide an elderly persons family member or caregiver with anopportunity to steal the elderly persons possessions. Education provided tolaw firms includes reviewing the tactics of a potential perpetrator and howthey seek to gain access to a seniors finances. This education is helping toreduce the incidences of elder financial abuse.As a home health nurse, I will use this researchto help educate the elderly patient population that I serve. wizard of a nursesprimary ethical responsibilities is to work with the patient to provide carethat maximally enables the physical, emotional and social well-being of thepatient. A nurse is also responsible for protecting and advocating forpatients safety and rights. Protectingthe elderly patient from financial abuse is truly advocating for your patient.Nurses also have aresponsibility to work with the public and other professionals to foster local,community, and national efforts to improve the financial safety of the elderlypopulation.I have learn ed tobe more empathetic, to help provide emotional support by listening and allowingpatients to express how they feel about be a victim of financial abuse. The older adult isoften embarrassed to admit that they have succumbed to financial abuse. Nurses havea unique opportunity to talk to their patient who have been victimized abouttheir feelings and may also be able to suggest a referral to a professional whois experienced in dealing with financial abuse victims. The nurse may also bethe first person to recognize symptoms of depression or suicidal intent of abusedelderly victims. The elderlypopulation is entitled to a safe, quality life drop from financial abuse. Manynurses and other professionals are working to enhance this safe quality of lifefor the elderly. This article has reviewed what these health care providers andother professionals have already done to promote safe financial environment andsuggests activities that can further enhance the safety of our care of theElderly form financial abuse. Nurses areplaying, and will continue to play, an ongoing role in the movement to protectthe elderly from financial abuse. ReferencesBurnes, D., Henderson, Charles R., Sheppard, C., Zhao,R., Pillemer, K., & Lachs, Mark. (2017). Prevalence of financial fraud andscams among older adults in the United States A systematic review andmeta-analysis. American daybook of Public Health, 107(8), E13-E21.doihttp//dx.doi.org/10.2105/AJPH.2017.303821Goergen, T., & Beaulieu, M. (2010). Criminologicaltheory and elder abuse researchfruitful relationship or worlds apart?Ageing International, 35(3), 185-201.doihttp//dx.doi.org/10.1007/s12126-010-9063-2 Hannah, J. M. (2016). Financial abuse of the dependentelder A lawyers ethical obligations. Family Law Quarterly, 50(1),117-121. Retrieved from https//ezproxy.southern.edu/login? uniform resource locator=https//search.proquest.com/docview/1807742181?accountid=28568 Jackson, S. L. (2015). The vexing problem of definingfinancial explo itation. Journal of Financial Crime, 22(1), 63-78.Retrieved from https//ezproxy.southern.edu/login?url=https//search.proquest.com/docview/1648112727?accountid=28568Oumlil, A. B., & Williams, A. J. (2011). Financialservices and the elderly poor Development and implementation of sustainableintervention strategies. Journal of Financial Services Marketing, 15(4),274-286. doihttp//dx.doi.org/10.1057/fsm.2010.23 Tacchino, K. B. (2017). Preventing financial elderabuse. Journal of Personal Finance, 16(1), 78-88. Retrieved from https//ezproxy.southern.edu/login?url=https//search.proquest.com/docview/1925859899?accountid=28568