What is financial Exploitation?
An act or course of conduct by a caretaker or other person against an older adult or an older adult's resources, without the informed consent of the elder or with the consent obtained through misrepresentation, coercion, or threats of force, that results in monetary, personal, or other benefit, gain or profit for the perpetrator or monetary or personal loss to the older adult. (35 P.S. Section 10224.103)
Elder Abuse: Common — Lethal — expensive
- One in nine seniors reported being abused, neglected, or exploited in the past 12 months
- Elder abuse is vastly under-reported; with only one in 23.5 cases reported to any agency; for financial abuse only one in 44 cases is reported, and for neglect it is one in 57.
- Ninety percent of abusers are family members or trusted others.
- Abused seniors are three times more likely to die and four times more likely to go into a nursing home.
- Victims and families lose lifetime savings, often almost overnight, and may suffer physical and other types of abuse related to the exploitation.
- Financial institutions lose significant amounts in deposits, which is seldom recovered.