Elder financial exploitation is an ever-growing problem, according to the FBI. They report that in 2023, scams targeting individuals aged 60 and older resulted in over $3.4 billion in losses and that the average elder fraud victim lost $33,915 due to these crimes! Caring for the elderly is a sacred trust SCC Legal takes very seriously, as we’ve been serving families in New Jersey for over 40 years. Our attorneys can help with every kind of challenge related to elder law and elder care, including estate planning and legal guardianships.
In this article, we share common scams targeting older adults, how to report elder financial abuse, and how our team can help if you or a loved one is involved in this type of predicament.
Types of Financial Scams That Target Seniors
The National Council on Aging (NOA) identified five financial scams representing the largest percentage of reported scams targeting seniors. They are:
- Government impersonation scams
- Sweepstakes and lottery scams
- Robocalls and phone scams
- Computer tech support scams
- The grandparent scam
Unfortunately, many of the scams go unreported, but all of them have a devastating effect on older adults. Elder financial abuse can also be committed by close family, extended family, or caregiving staff who take money without permission, don’t repay what they owe, charge too much for services, or don’t perform the duties they are paid for.
How to Report Elder Financial Abuse
Are you wondering how to report elder financial abuse? There are local, state, and federal resources to whom you can turn. The Consumer Financial Protection Bureau (CFPB) highlights Adult Protective Services (APS), the National Adult Protective Services Association (NAPSA), the Area Agency on Aging (AAA), the Aging and Disability Resource Center (ADRC), the Long-Term Care Ombudsman Resource Center, and law enforcement.
When you report elder financial abuse, provide information such as the time, date, and location of the incidents, when you started to notice the changes, a description of the suspected financial abuse, and whether you believe there is an urgent risk of danger.
How to Prevent Elder Financial Abuse
It is difficult to prevent elder financial abuse, but there are ways you can reduce the risk of financial exploitation. Stay connected with your loved one via video chat, phone calls or other means of communication, which is especially important when you cannot visit them personally. Familiarize yourself with the policies and procedures of the assisted living community or nursing home they live in. Ask financial institutions if they offer free training on preventing fraud, and build awareness by sharing with others what you know.
How a NJ Elder Law Attorney Can Help the Recovery Process
There are many laws against the financial exploitation of elders, including the NJ Adult Protective Services Act (APS). An SCC Legal elder law attorney will determine which law is relevant to your situation and provide the necessary guidance for the recovery process. There might come a time when you feel legal guardianship in NJ is the only way to protect your loved one and their financial assets. The state of New Jersey allows general guardianship and limited guardianship. A lawyer at our firm is ready to help you through the potentially complex and stressful application process.
For more information on elder law, or if you want to establish legal guardianship to combat elder financial exploitation, please contact our team at SCC Legal today or visit us at: https://www.scclegal.com/