Financial Exploitation: An Overview “Illegal or improper use of an elder’s or incapacitated adult’s resources for profit or personal gain” Taking money or other items from elder’s bank account Selling/transferring property Using name/good credit for own purposes Misusing Power of Attorney Changing will or trusts Not returning borrowed money Reluctance to report financial abuse: Mostly because no one knows who to report to. Home: Due to emotional attachment to person that is exploiting Professional Care: Care giver reluctant because of strict policy of confidentiality

3 Scenarios of Financial Exploitation Physical Dependence: Person becomes isolated and completely dependent on caregiver. Loses power to say no. Person may appear rational and healthy, but may still ratify the transactions. Elder who is “slipping”: Cases involving Dementia/other sickness Trusts in the exploiter Usually has no idea of what is occurring Bereaved Widow(er): Had relied on spouse to handle financial affairs When spouse passed away, needs someone else to takeover Dealing with finances can seem like a nightmare, so exploiter comes as a relief

Elder Abuse: Financial Exploitation (Statistics) Estimated 1 in 25 cases of elder abuse are Financial Exploitation (FE), so 5 million victims each year 2001 Survey: 34 states + Guam responded 28 states = 38,015 reports 58% female / 64.7% 66 years old ≤ 40% reports made by people between ages of 65 and states had mandatory laws for reporting Financial abuse 11 include financial institutions as mandatory reporters 10 states have registry of financial abusers Only Oregon has an estimated value of losses for the year: $50,000 to $100,000 for 47 cases Survey: Of women in European countries FE 2 nd common at 14% after neglect Most cases were reported in home 65% by a family member 15% Long term care staff

Financial Exploitation in the Home Who? Family Members: Children, Spouses, Grandchildren etc. Strangers: Hired help, Neighbors, Fraud How? Controlling , phone calls, visitors, and outings False promises Fear/Lying Threaten with harm or neglect Manipulation: Food and medicine Forgery

Financial Exploitation: Fraud/Scams Telemarketing fraud robs U.S. citizens of at least $40 billion annually (more are being targeted specifically at elderly) Prizes that person must pay to claim Phony charities Investment fraud Paying for calls in order to receive information (ie. How to get free stuff) Why do you think elderly people are susceptible to things like this?

Financial Exploitation: Professional Care Insurance Fraud Unnecessary tests/equipment are given to patients, then billed to insurance companies or Medicare Hired for healthcare, but non provided Example: Nursing home caregiver stealing money from a patient’s account

Intervention Report: Some states have telephone help lines To police or family members depending on position Judicial: Take legal action against abuser/exploiter Non-Judicial: Alert Family Members (If you are a caseworker/Professional)