Instances of elder financial abuse can increase during Thanksgiving, Christmas and Hanukkah as more family members and friends are in town.
Detroit Free PressPicture this scenario at the bank: A woman walks into her branch with her 25-year-old grandson, and they're ready to transfer $4,000 or so out of Grandma's account into his."People are literally being robbed every day through scams or financial exploitation from members of their own family," said Debra Whitman, executive vice president and chief public policy officer at AARP.
Some may be more than ready to take Grandma to lunch and, oh, make a stop at the bank.Financial exploitation is wider in scope than your garden-variety IRS impersonator. Exploitation includes abusing one's relationship with an older relative or friend to coerce the senior into handing over a large part of a nest egg that's sitting in a bank account or even transfer property to someone else.
A credit union in Colorado reported a case in which an older woman was staying in a rundown motel during renovations to her home. Her contractor would regularly bring her into the credit union to take money out to cover labor and supplies – sometimes $20,000 a week, which caused credit union employees to become suspicious. Turns out the contractor was living in the woman's house – which was confirmed after a credit union employee drove by. The contractor was ripping off the woman.
Seniors can be vulnerable to financial abuse, as nearly half of consumers 65 or older manage their own finances – from paying bills to handling investments – entirely on their own, according to research by AIG Life & Retirement. One-third of individuals who lost money were ages 80 and older, according to the report by the federal consumer watchdog agency.Financial advisers and others ask some customers for the name of a trusted person to contact if the adviser suspects the customer is a victim of financial exploitation.
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