Many many financial scams target the elderly and everyone should know how they can protect themselves and their loved ones.
Contact Steven Peck’s Premier Legal toll free at 1-866-999-9085 to talk to an experienced elder law and financial abuse attorney on issues of elder financial abuse, nursing home abuse and neglect, and other financial topics.
Who are the Perpetrators of Elder Financial Abuse and how do they Swindle their Victims?
People in a trusted position, such as a relative, a caregiver, power of attorney, trustee, or someone posing as a new friend, are often the ones who prey on the elderly.
They pull off their scams by isolating and intimidating their victims, sometimes threatening them with physical violence, or controlling the victim’s medication, nutrition and finances.
How to Detect and Prevent Financial Exploitation
Be aware of some of the “tools” perpetrators use to defraud their victims, such as lottery scams and internet fraud.
Get a second opinion on investments and don’t rush into any financial decisions.
Do not give your personal information, such as your social security number over the phone. Be sure to shred credit card documents and all plastic cards.
If you need help with your finances, decide who is the most responsible, trustworthy person in your life to help you.
Tell everyone what your future plans are for your care. This will make it harder for one individual to manipulate you or your assets.
Be careful of giving someone power of attorney. Get impartial, professional legal advice on all legal transactions.
Check your credit rating and bank account regularly to guard against theft.
Be careful about putting anyone else’s name on your home. If you do, make sure there are legal safeguards in place so it can’t be sold without your knowledge.
Screen caregivers and check references. Don’t hesitate to request that a caregiver have proof of a criminal background check.
About the Author
Attorney Steven Peck has been practicing law since 1981. A former successful business owner, Mr. Peck initially focused his legal career on business law. Within the first three years, after some colleagues and friend’s parents endured nursing home neglect and elder abuse, he continued his education to begin practicing elder law and nursing home abuse law.