Aunt Sarah thought she was doing the right thing when she signed the paperwork to give her niece legal responsibility for her financial affairs. Only when Sarah discovered that one savings account was depleted and a second was well on its way to extinction, did she realize something was badly wrong.
Older Consumers lose millions of dollars each year because of financial exploitation.
This may be the result of an unknown con artist's scam or financial abuse by someone the victim knows well. This may be only a portion of actual cases, however, because victims often are too ashamed or embarrassed to report this type of crime. Before you withdraw your money and give it to any of these people, ask yourself if you are a potential victim of a scam. In many financial exploitation cases, the culprit may be a relative, friend or caregiver to whom the elder has given his or her trust and confidence. Precautions can be taken to reduce the risk of financial abuse.