Financial abuse of the elderly is getting worse, and most seniors don’t know how to seek reliable financial help.
“There is no silver bullet that will end the financial abuse of America’s seniors,” says Don Blandin, president and CEO of the non-profit Investor Protection Trust (IPT), which released a survey Wednesday about elder exploitation. IPT conducted the survey after the Consumer Protection Bureau requested more information about the problem.
The experts IPT surveyed said the most common type of abuse is when family members steal or divert funds or property. The next biggest problems are caregiver theft and financial scams perpetrated by strangers.
“Some of those financial scams by strangers can be ones that actually deplete the entire life savings of a senior at the worst possible time in their life,” Blandin says.
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