The Growing Problem of Elder Financial Abuse

New research from the Investor Protection Trust (IPT) identifies the most common types of elder financial abuse and shines a spotlight on who the scammers are.

The IPT surveyed fraud experts across the county asking them the most common financial abuses they see. The top three financial exploitation problems identified by the experts are:

1. Theft or diversion of funds or property by family members
2. Theft or diversion of funds or property by caregivers
3. Financial scams perpetrated by strangers

How Can Seniors Protect Themselves?

• Educate yourself about the problem. The Investor Protection Trust has developed a brochure regarding the financial exploitation of seniors.
  http://investorprotection.org/downloads/pdf/learn/research/EIFFE_Patient_Brochure_National.pdf  
• Manage your loneliness and social isolation; try making new friends or reaching out to family.
• Practice good health habits to boost physical independence.
• Reach out to someone you trust, if you are uncomfortable about a situation involving your finances.
• Always verify licenses of financial professionals. Contact the Department of Financial Institutions at www.dfi.wa.gov or 1.877.RING DFI (746-4334) to verify a license.

For full survey findings go to http://www.investorprotection.org

Elder Fraud Prevention Program

The IPT’s Elder Investment Fraud and Financial Exploitation (EIFFE) Prevention Program has already trained more than 3,000 U.S. medical professionals who deal everyday with older Americans to spot the impaired mental capacity that can leave seniors vulnerable to financial abuse. Washington State and the Department of Financial Institutions joined the EIFFE program in 2010.

For more about the program in Washington, visit http://www.dfi.wa.gov/consumers/news/2010/elder-investor-protection-program.htm