Elder financial abuse is a growing concern that affects our society’s most vulnerable members. These crimes can devastate older adults’ financial well-being and emotional stability, leading to long-lasting consequences. While elder financial abuse is a year-round issue, recent data and trends indicate a concerning surge in incidents during the month of June.
Understanding Elder Financial Abuse
Elder financial abuse involves the unauthorized or illegal use of an elderly person’s funds, assets, or property. This form of abuse can take various forms, such as scams, identity theft, coercion or even misappropriation of funds by trusted individuals, including family members or caregivers. The toughest financial abuse happens within families and can be an alarming distressing situation. In such cases, family members, who are expected to provide care and support, instead exploit their position of trust to manipulate and control the elderly person’s finances for their own gain. It often goes unnoticed and unreported, as family members and the victim may feel ashamed, embarrassed or fearful of retaliation.
The Surge in June
While elder financial abuse occurs throughout the year, studies have revealed a notable increase in incidents during the month of June. Several factors contribute to this concerning trend:
- Loneliness and Isolation: Many older adults experience increased feelings of loneliness during June, particularly if they have limited social connections or have lost loved ones. Scammers and abusers prey on these vulnerabilities, seeking to exploit the emotional state of isolated seniors.
- Seasonal Scams: The arrival of summer, particularly the month of June, brings with it a surge in seasonal scams targeting seniors. These scams may involve fraudulent vacation offers, home improvement scams or even fraudulent charities soliciting donations.
- Financial Events: June marks several significant financial events for older adults, such as the receipt of Social Security or pension payments, tax refunds or dividends from investments. These events provide opportunities for abusers to gain unauthorized access to funds or manipulate financial transactions.
Preventing and Combating June Elder Financial Abuse
Protecting our elders from financial exploitation requires a concerted effort from individuals, communities and authorities. Here are some crucial steps that can be taken to prevent and combat June elder financial abuse:
- Education and Awareness: Raising awareness about the prevalence and tactics of elder financial abuse is essential. Elderly individuals and their families should be educated about common scams, warning signs and precautionary measures to ensure their financial well-being.
- Communication and Support: Regular communication with older adults can help detect any signs of financial abuse. Family members, friends and neighbors should maintain open lines of communication and provide a support system to ensure the well-being of older adults.
- Legal Protections: Governments and legislative bodies should enact and enforce robust legal protections for older adults, including stricter regulations for financial institutions and caregivers. Reporting mechanisms should be streamlined and accessible, making it easier for victims to report incidents of financial abuse.
- Financial Literacy: Providing older adults with financial literacy programs can empower them to make informed decisions, recognize potential scams and manage their finances more effectively. Workshops, seminars and online resources should be made available to support their financial well-being.
- Enhanced Security Measures: Financial institutions and service providers should implement enhanced security measures, such as multi-factor authentication and fraud alerts, to protect elderly customers from financial exploitation. Regular reviews of accounts and transactions can help identify suspicious activities promptly.
June elder financial abuse is a distressing phenomenon that demands our attention and action. As society ages, it is crucial that we take concrete steps to protect our elderly population from financial exploitation. By raising awareness, promoting education and implementing robust safeguards, we can create a safer environment for older adults, ensuring their financial security and preserving their dignity. Together, we can combat June elder financial abuse and safeguard the well-being of our cherished elders.
For more information on fraud and scams please visit our Security Center to stay up to date.
Sources:
CFPB. (n.d.). Reporting of suspected elder financial exploitation by financial institutions: An update to the 2016 advisory and recommendations. Consumer Financial Protection Bureau. https://www.consumerfinance.gov/data-research/research-reports/reporting-suspected-elder-financial-exploitation-financial-institutions-update-2016-advisory-and-recommendations/
Keene, V. (2023, March 6). Understanding and reporting elder fraud, abuse and financial scams. www.nolo.com. https://www.nolo.com/legal-encyclopedia/elder-abuse-financial-scams-against-29822.html
NCEA. (2023). World elder abuse awareness day. NCEA. https://ncea.acl.gov/WEAAD.aspx
NCO. (2021, February 23). The National Council on Aging. https://ncoa.org/article/get-the-facts-on-elder-abuse
