Finding Out If Someone Is Stealing Your Loved One’s Money
The Office of Financial Protection for Older Americans has reported nearly $1.7 billion worth of suspicious activities, including actual losses and attempts to steal older adults’ funds. Unfortunately, the elderly, especially nursing home residents, are easy victims of financial abuse. And officials say these occurrences likely only represent a small fraction of elder financial abuse incidences. Family members or someone the victim may know, such as a long-term care facility worker, are too often the guilty party in these cases.
Financial losses are almost always more significant when the older adult knows the suspect. In 2017, the average loss per person was about $50,000 when the older adult knew the suspect and $17,000 when the suspect was a stranger. This is because residents may be very trusting to their caregivers and family members. In addition, the National Council on Aging estimates that more than 20 percent of nursing home residents are victims of financial abuse, and residents who suffer from memory disorders such as dementia are taken advantage of more often. These patients have trusting behaviors and cognitive disabilities, making them highly susceptible to the exploitation or mismanagement of their personal funds.