Financial abuse of the elderly is growing, according the results of an online survey by the nonprofit Investor Protection Trust (IPT). More than 760 adult protective services workers, law enforcement officials, medical professionals and other frontline responders participated.
Findings indicate that 96 percent of fraud/financial abuse experts agree that the problem is “very serious” (70 percent) or “somewhat serious” (26 percent). Ninety-three percent of respondents agree that medical professionals play an important role when they learn to spot and report the warning signs of financial abuse of the elderly.
Most financial abuse goes unreported. The top three reasons: the victim’s embarrassment, con artists that string the victims along until it’s too late and adult children who fail to spot the problem and intervene.