Elder financial abuse refers to the fraudulent, unauthorized, or improper act of taking advantage of an elderly person for monetary benefit, personal benefit, or profit.
Older individuals are often the target of investment fraud because they tend to be more trusting, are likely to have good credit, may have significant savings built up, may suffer from poor memory, and oftentimes don’t report instances of fraud.
If you have an elderly loved one, educate him or her about scam prevention and warning signs, add their phone numbers to the do not call list, and make a conscious effort to stay involved and aware.
Signs of financial trouble include: suddenly becoming disengaged and shying away from discussing finances, becoming depressed or anxious, and unpaid bills or eviction notices with no clear explanation.
If you recognize that you or a loved one has been scammed, you should secure all bank accounts and cards, report the scam to the local police department and the FTC, file a fraud alert with the major credit bureaus, and contact an investment fraud attorney who can guide you through the steps to recovery.
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