Financial abuse of the elderly is a serious and growing problem, accompanied, in some instances, by other forms of elder abuse. A study by the MetLife Mature Market Institute estimated that Americans over age 60 lost about $2.9 billion to financial abuse in 2012--up from $2.6 billion in 2008. Experts say this is a conservative figure because of serious underreporting. And some contend that the growth in the senior population, social changes, and advances in technology will dramatically increase the opportunities for abuse.
Financial abuse spans a broad spectrum of conduct, from telemarketing scams and insurance and investment fraud to getting a person to sign a deed, will, or power of attorney through deception or undue influence. Seniors can be prime targets because of their larger net worth and their vulnerabilities. Typically, perpetrators are not strangers, but people who have gained the trust of the elderly person, including caretakers, relatives, neighbors, friends, and acquaintances.
In 2012, the U.S. Government Accountability Office (GAO) identified the need for a national strategy and made recommendations on elder financial abuse.
