A survey conducted by the Investor Protection Trust showed that most experts dealing with investment fraud/financial exploitation of American senior citizens agree that the problem of swindles targeting the elderly is getting worse today.
Sadly, this is often true that the people exploiting older adults are family members or other trusted people who are handling their financial affairs. Taking the elder’s money or property, misusing ATM or credit cards without permission or selling the elder’s possessions without permission are very common.
Unlike relatives, strangers often offer fake prizes, charity contributions, recommend emergency home repairs, offer loans that exceed the elderly’s means, promise investments with unrealistically high rates of return and more.
The Consumer Financial Protection Bureau (CFPB) published a guide that aims to help operators and staff of nursing facilities and assisted living residences protect the people in their care from financial exploitation through prevention and early intervention. The CFPB outlines ways to create awareness, policies and processes to protect the facility residents. The guide explains what elder financial abuse is and helps learn how to spot scams that can target any vulnerable people, especially those in care facilities.
By utilizing resources like ‘Protecting Residents from Financial Exploitation’ by the CFPB, our elderly citizens can avoid financial abuse and live a more secure and stress free life.
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