ST. PAUL, Minn. – We’ve all heard the sad stories before. Stories about elderly men and women being swindled out of their life savings. Unfortunately, this happens more than most of us know. And, this financial exploitation is just one of the types of abuse commonly perpetrated on the elderly.
A coalition of county prosecutors, law enforcement, state legislators and senior advocates launched a statewide initiative to identify and combat elder abuse this week. The Stop Abuse and Financial Exploitation of Elders in Minnesota, also known as S.A.F.E. Elders, aims to help law enforcement and care givers spot and stop these abuses.
“This was a project created out of a need,” said Anoka County Attorney Tony Palumbo.
Elder abuse can take many forms, most commonly physical abuse, emotional abuse, sexual abuse, financial exploitation or neglect. When it comes to financial exploitation, most of the abusers are very close to the elderly person they are taking advantage of.
These abusive situations can look very different. When it comes to a family member, sometimes they will get their name added to the elder’s bank account, and start using the money for their own wants and needs. When it comes to strangers, they are more likely to take advantage through phone and internet scams, including telling them that they have won a fake lottery, pretending to be involved in the senior’s health insurance, or even seeking money for charities that don’t exist.
Even more shockingly, “One in five cases of financial exploitation are ever reported to anyone,” according to Iris Freeman of the Center for Elder Justice & Policy at William Mitchell College of Law.
One Minnesota man shared his story about his aging mother. When she was diagnosed with cognitive issues, his brother got power of attorney and started to steal her money. By the time Scott Campbell had realized what had happened, nearly all of his mother’s money was gone.
And Scott Campbell is not alone. According to the MetLife Study of Elder Financial Abuse at least $2.9 billion are year are lost to the financial exploitation of the elderly.
The S.A.F.E. Elders project hopes to encourage more people to get involved, and talk to the elderly in their life about ways to stay safe, and who to talk to if someone does try to take advantage of them.
The S.A.F.E. Elders Initiative recommends talking to the elder in your life about “Remembering to STOP“.
- Systematize you finances as much as possible.
- Tell someone before making any large purchases or investments, and don’t be pressured into making immediate decisions.
- Obtain the documents. Before you hire anyone make sure they are licensed. Don’t sign any documents that you don’t completely understand.
- Practice saying no. It’s okay to hang up the phone. If you are offered a prize, loan or investment that sound too good to be true, it probably is.
Never give out any personal information over the phone unless you initiated the call and you know who you are talking to.
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