Awareness Day aims to end financial abuse of the elderly

Statistics from the National Council on Aging show that 1 in 10 Americans 60 and older have experienced elder abuse, and there is broad consensus that the crime is significantly under-reported. One study estimated that only 1 in 14 cases of abuse are reported to authorities. Elder financial abuse and fraud costs older Americans $36.5 billion per year and financial exploitation is self-reported at rates higher than emotional, physical, and sexual abuse or neglect.

“Banks are on the front line for detecting signs of financial abuse, such as changes in typical banking patterns, uncharacteristic attempts to wire large sums of money and sudden insufficient funds,” said Joseph Snyder, director of Older Adult Protective Service at Philadelphia Corporation for Aging and a former president of the National Adult Protective Services Association

This article was published on on June 5, 2017.