Financial predators target elders and dependent adults for a variety of reasons. Many seniors live alone and are isolated, making it less likely that friends and family will detect the abuse and intervene before it is too late. In some cases, there may be cognitive impairment, and the victim does not realize that their assets are beingtransferred or depleted. Physical limitations make it much more likely that dependent adults and frail seniors will entrust their financial affairs to others for management.
Con-artists and others who exploit seniors are aware of these vulnerabilities, and have found clever ways to use their isolation, as well as physical and mental impairments, to gain the person’s trust, and eventually to gain control of their property.
Financial abuse takes many forms, and can include identity theft, confidence crimes, sweetheart swindles, fortune telling schemes, Canadian lottery, Nigerian scam, predatory lending, and annuity scams. Some scams have been around for decades, such as the handsome broker selling worthless annuities, while others, such as identity theft and computer “phishing” are relatively new, making it less likely that seniors are aware of their particular dangers. Although persons of all ages and demographics are victimized by these types of scams, seniors and dependent adults are particularly at-risk, for all of the reasons mentioned above. Isolation, as well as physical and mental impairment can lead to loneliness and increased reliance on others, making these populations easy targets for abuse.
Although there are cases of financial abuse that are committed by strangers, door-to-door salesmen, con artists, and the like, the vast majority of cases involve a caregiver, including family members. Using deception, threats, intimidation, guilt, and other forms of manipulation, these individuals take property and other assets for their own use. This close familial connection is one reason why financial abuse is often not reported. Victims may be embarrassed, or afraid to report the crime, fearing the family member will retaliate and place them in a nursing home, or worse yet, abandon them without the resources or ability to care for themselves. Depression, grief, guilt, and shame also contribute to the under-reporting of this type of abuse.
