Getting Going: Retirees should be wary of family betrayal
Pittsburgh Post-Gazette, August 30th, 2006
Note to retirees: Beware the family.
Financial swindles are one of the fastest-growing forms of elder abuse.
By some estimates, as many as five million senior citizens are
victimized each year, says Sara Aravanis, director of the nonprofit
National Center on Elder Abuse, which provides information to federal
and state policy makers. Because of the problem's spread, "many states
have laws authorizing financial institutions to report suspicions of
elderly abuse," says Bruce Jay Baker, general counsel for the Illinois
Bankers Association. Earlier this summer, the Securities and Exchange
Commission hosted a Seniors Summit to highlight the issue, with SEC
Chairman Christopher Cox noting that protecting seniors' pocketbooks
"is one of the most important issues of our time."
Yet it's not dodgy financial experts or crooked caregivers who are the
biggest threat. It's family. Children, siblings, grandchildren, nieces
and nephews, and even spouses are the people most likely to rob the
elderly, according to elder-law advocates and attorneys. The data that
exist -- albeit in a spotty manner -- suggest that financial crimes
rank as the third-most prevalent abuse of the elderly.
Getting Going: Retirees should be wary of family betrayal
Wednesday, August 30, 2006
The Wall Street Journal
Note to retirees: Beware the family.
Financial swindles are one of the fastest-growing forms of elder abuse.
By some estimates, as many as five million senior citizens are
victimized each year, says Sara Aravanis, director of the nonprofit
National Center on Elder Abuse, which provides information to federal
and state policy makers. Because of the problem's spread, "many states
have laws authorizing financial institutions to report suspicions of
elderly abuse," says Bruce Jay Baker, general counsel for the Illinois
Bankers Association. Earlier this summer, the Securities and Exchange
Commission hosted a Seniors Summit to highlight the issue, with SEC
Chairman Christopher Cox noting that protecting seniors' pocketbooks
"is one of the most important issues of our time."
Yet it's not dodgy financial experts or crooked caregivers who are the
biggest threat. It's family. Children, siblings, grandchildren, nieces
and nephews, and even spouses are the people most likely to rob the
elderly, according to elder-law advocates and attorneys. The data that
exist -- albeit in a spotty manner -- suggest that financial crimes
rank as the third-most prevalent abuse of the elderly.
For victims and family members out to help, the way to combat the crime is to know what to look for and how to prevent it.
The abuses: Some of the offenses are straightforward: A grandson swipes
checks and makes them out to "cash"; a daughter uses the
power-of-attorney over Mom's bank account to apply for an ATM card and
withdraws money without authority; a son taking care of Dad's finances
uses his father's credit card for personal purchases.
Read more of this article.