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Financial abuse of the elderly is a multi-billion dollar problem

| Jun 3, 2020 | Elder Law |

Elder abuse is a devastating reality for some men and women in Lake Charles. But while most people might associate abuse with physical or emotional attacks, it can also affect a victim’s financial well-being. Financial abuse of the elderly is rarely talked about, though, and some individuals may not know the signs to watch out for.

Adults over the age of 60 are particularly vulnerable to internet scams, which cost this age group a collective $3.5 billion in 2019. Phishing is one of the more common internet scams, and victims might be persuaded into responding to unsolicited emails by providing their their personal or financial information. Scammers usually make the emails appear as if they are from legitimate companies, so it can be hard to spot a fake. However, it is a good idea to never give out personal information on the internet.

In some situations, victims already know the people who are scamming them out of money. Romance or confidence fraud is especially troubling because it involves a romantic interest, family member or close friend. Victims are often persuaded to send money, give expensive gifts or launder money.

Lake Charles residents who are older than 60 have spent much of their adult years saving for retirement — and scammers know this. Unfortunately, what took a lifetime to save can quickly disappear. Standing up to financial abuse of the elderly is essential, and speaking with an experienced attorney about what to do in this situation could be helpful for anyone who is concerned they or a loved one has been victimized in this manner.

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