REMARKS
Definition and explanation of elder financial exploitation and elder fraud
0:01:37
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91 sec
Council Member Hudson provides a comprehensive explanation of elder financial exploitation and elder fraud, including their definitions, forms, and risk factors affecting older adults.
- Elder financial exploitation is defined as the illegal or improper use of an older adult's funds, property, or resources
- Elder fraud involves stealing an elderly person's financial assets for personal gain through deception or manipulation
- Risk factors include advanced age, cognitive decline, living alone, and limited social relationships
- Women are noted to be the majority of abused elders
Crystal Hudson
0:01:37
Elder financial exploitation is the illegal or improper use of an older adults' funds, property, or resources by another individual.
0:01:45
This exploitation can take many forms, including scams, abuse, and predatory products, and services marketed specifically to the elderly.
0:01:53
Elder fraud, a form of financial exploitation, involves stealing an elderly person's financial assets for personal gain, including money taken without consent, failure to repay debts, overcharging, or non delivery of paid services.
0:02:06
Elder fraud often involves deception or manipulation to take older adults money, property, or personal information.
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This can be committed by anyone from strangers to family members.
0:02:17
Indeed, abuse and exploitation by trusted individuals such as family members, friends, or caregivers, is a significant form of elder financial exploitation and often occurs outside of public view.
0:02:29
Older adults are often targeted because they typically possess savings and assets accumulated over their lifetime.
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Scam artists and fraudsters often exploit older adults' trust and vulnerability, and they pose as all sorts of individuals from pretending to be government officials to obtain sensitive personal information to sending text messages posing as the older adults grandchild and requesting large sums of money to get out of a fictional crisis situation.
0:02:55
Several risk factors make older adults more vulnerable to financial exploitation, including advanced age, cognitive decline, living alone, and limited social relationships.
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In addition, the majority of abused elders are women.
