Risks in a Post Pandemic Environment The pandemic placed many individuals into an environment where they had to rely on technology to conduct daily life and the financial transactions associated with it. This was a major change; especially for a generation that was accustomed to handling their banking and financial transactions face to face. Forcing a generation to begin to conduct banking and purchasing online while utilizing sensitive information has increased the risk of fraud as it relates to “elder” individuals. This article discusses some of the trends emerging leading to elder abuse. The pandemic placed many individuals into an…
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Advisers have a few options for protecting elderly clients from people who may try to exploit them, such as abusive family members or caregivers. Here is a look at three scenarios in which clients may be victimized and advice for dealing with each one. To read the full article in Financial Advisor, click: What Advisors Can Do About Inheritance Exploitation.
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The number of reports of financial fraud against older adults has quadrupled since 2013, with 63,500 filed reports describing more than $1.7 billion in actual losses or attempted thefts in 2017, according to a report released by the federal Consumer Financial Protection Bureau. To read the full article in McKnight’s Senior Living, click: Financial Elder Fraud Reports Quadruple; Amount Reaches $1.7 Billion.
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Elder financial fraud happens “at an alarming rate” and is often perpetrated by relatives, said Ted Sarenski, CPA, PFS. Protect against elder financial fraud by safeguarding assets, following scam alerts, and monitoring accounts. To read the full article in The Lifeline Blog, click: Don’t Get Ripped Off! What You Need to Know About Elder Financial Fraud.
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Financial Abuse of Seniors Could Grow as the Population Ages As more people enter their golden years, they become increasingly susceptible to financial fraud and financial elder abuse, especially if their mental faculties start to decline. This article looks at the case of an 86 year old Seattle widow bilked out of much of her savings and how easily it can happen. To find out more about The New York Times article, click: Financial Abuse of the Elderly: Sometimes Unnoticed, Always Predatory.