Image by MGN.

WOODBINE — The elderly don’t have it bad enough with things like the aches and pains that accompany growing older, the penny-pinching lifestyle of living on a fixed income and watching the value of the homes they worked so hard to own plummet in an economy rivaling the Great Depression of their youth. Now they need to also be vigilant about that nice lady, gentleman, or family member who comes in to help them deal with the activities of daily living or minister to their infirmities and decides to help him or herself to the patient’s coffers.

According to Greg Banks, Director of Angel Alliance Caregivers, elder financial abuse is the number-one crime against adults aged 65 and over. Over $2.6 billion is stolen annually. That number, however, only includes the 20 percent of crime that is reported. The other 80 percent is never reported because victims may not be aware of the crime or are hesitant to report it to family members in fear of being losing their independence.

“It’s the crime of the 21st century,” said Banks. He noted that according to statistics, 77 percent of the wealth in the United States is controlled by people 55 and over. The majority of those are homeowners living alone in their houses, thereby leaving them vulnerable to scams and scam artists.

During a Feb. 1 seminar entitled “Financial Abuse of the Elderly,” held at the Woodbine Community Center, Banks shared tips for preventing elder financial abuse.

The majority of perpetrators who scam the elderly are usually known by their victim. Banks said the perpetrators are usually someone who has gained the elderly person’s trust – such as lawyers, physicians, accountants, family members or non-agency caregivers.

“Elderly women are the victims more often than men,” said Banks. Women tend to outlive their male counterparts and often, once their spouse passes away, find themselves financially ignorant having had their husbands take care of the family finances during their married lives. Women also tend to be more good-hearted, said Banks, making it easier for an adult child or grandchild to take advantage of them.

Men, though, are equally as vulnerable. Banks told how older men might become part of a “sweetheart scam” where the victim gives access to his money to a girlfriend. Men, too, said Banks, tend to be more prone to making risky investments, thereby opening the door to financial scams.

Banks shared the need for hiring in-home support from fully insured and bonded agencies. While many private in-home workers are reputable and honest, he said hiring from an agency provides an extra level of protection since background checks are done on prospective employees.

“You wonder why they aren’t working for an agency,” he told the group. “Why aren’t they licensed? Agencies will turn down prospective employees because of a faulty background check,” said Banks. “And yet these people can still work privately.”

While there are no guarantees preventing elder financial abuse, there are some things seniors can do to stave off the possibility. Naming a family member who does not reside with the elderly person as power of attorney; keeping lists of valuables; reporting incidences of theft, signing up for direct deposit of checks; having a safe and secure place where important documents are kept; and not hiring people privately to provide care are all steps that can help insure a safe financial future.

According to Banks, there are five types of elder abuse: physical abuse, abandonment, isolation, financial abuse and neglect.

In the event of abuse, or the suspicion of it, Banks stressed the importance of reporting it to authorities such as police, banks, adult protective services, nursing home personnel or clergy members.

Reporting suspected abuse is as easy as making a phone call. “You can give a heads up,” said Banks. “Drop a dime, as they used to say.”