June 15th is an important day to mark on the calendar: It’s World Elder Abuse Awareness Day. This date is a good reminder to focus on education and awareness for your family and friends. You can be proactive in protecting against all types of elder abuse, including financial abuse, physical abuse, neglect, emotional abuse, and more.  Here are a few worrisome statistics about elder fraud.

Elder Fraud: What You Need to Know

What is elder fraud? Also known as elder financial exploitation or elder financial abuse, this term refers to the abuse of personal financial resources that harm an elderly victim. Usually, there is an existing relationship of trust built between a service provider or caregiver and the senior.

According to the Consumer Financial Protection Bureau (CFPB), financial fraud against elders has increased four times since 2013. Common types of financial fraud occur through phone scams, Medicare fraud, internet scammers, and door-to-door salesmen.

Prevalence of Elder Fraud

Recent reports by Comparitech reveal the prevalence of elder abuse in the United States. Unfortunately, most cases of elder fraud are left unreported. Comparitech estimated that $27.4 billion is lost each year, with an estimated 5 million elder fraud cases throughout the US.

But only 200,000 of these scams are reported to the authorities annually.  Experts note that it represents only a fraction of the abuse taking place nationwide, which is why it is important to encourage people to report fraud as soon as it is discovered.

The key findings in this Comparitech report indicate that 1 in 10 elderly people were elder fraud victims last year. $2,415 was the average amount lost in the cases that were reported to Adult Protective Services.

Stay Informed and Be Proactive

Financial elder fraud is on the rise, which is why it is a critical time to be aware and proactive in protecting your loved ones. For more information, you are welcome to contact us at any time. Email info@SeniorSafeAndSound.org or call 858-480-7551. Senior Safe and Sound.

This information is intended to inform the public at large about this important issue. It is not intended to serve as legal or medical advice.