Elder Fraud Together With Fiscal Abuse Straight Off Estimated At $36 Billion

American seniors are losing $36.48 billion every twelvemonth to elderberry fraud, exploitation as well as fiscal abuse — to a greater extent than than 12 times the nearly widely reported previous estimate.

Prior to this report, the nearly ofttimes cited approximate of the amount of coin lost to elderberry fiscal abuse was $2.9 billion - The MetLife Study of Elder Financial Abuse.

Influenza A virus subtype H5N1 novel question written report from True Link indicates that these numbers are beingness drmatically underestimated.

Our question reveals that seniors lose $36.48 billion each twelvemonth to elderberry fiscal abuse. This is to a greater extent than than twelve times what was previously reported. Approximately 36.9% of seniors are affected yesteryear fiscal abuse inward whatever five-year period.

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Breakdown of the problem

• Financial exploitation: $16.99 billion is lost annually to fiscal exploitation, defined equally when misleading or confusing linguistic communication is used—often combined amongst social pressure level as well as tactics that accept wages of cognitive reject as well as retentivity loss—to obtain a senior’s consent to accept his or her money.
• Criminal fraud: $12.76 billion is lost annually to explicitly illegal activity, such equally the grandparent scam, the Nigerian prince scam, or identity theft.
• Caregiver abuse: $6.67 billion is lost annually to deceit or theft enabled yesteryear a trusting relationship—typically a menage unit of measurement fellow member but sometimes a paid helper, friend, lawyer, accountant, or fiscal manager.

Sources of risk

•  People often assume that those perceived equally nearly vulnerable— widows, the really old, people amongst severe retentivity loss—are at greatest risk. In fact, adventure equals vulnerability addition exposure. Seniors who are young, urban, as well as college-educated lose to a greater extent than coin than those who are not.
• Some sources of exposure were surprising. Seniors described equally extremely friendly lose 4 times equally much to elderberry fiscal abuse, perchance because they are approachable as well as may hand strangers the create goodness of the doubt. Financially sophisticated seniors lose to a greater extent than to fraud, probable because they are comfortable moving larger amounts of
• money around. Thrifty seniors lose 5 times equally much to fraud, perchance because they are enticed yesteryear bargains.

The exploitation progression

• Small losses are prove of an underlying vulnerability. What seems similar an isolated incident is often the commencement pace inward a fiscal exploitation progression. Influenza A virus subtype H5N1 senior who lost equally niggling equally $20 inward a twelvemonth to exploitation could hold upwards expected to lose $2,000 a twelvemonth to other types of fraud.
• A individual who receives merely ane telemarketing telephone telephone outcry upwards per twenty-four hours is probable to sense 3 times equally much fiscal loss equally someone who receives no or exclusively occasional telemarketing calls.

Non-financial effects

• Financial abuse ofttimes results inward reduced emotional as well as physical wellness for seniors. We approximate that 954,000 seniors are currently skipping meals equally a outcome of fiscal abuse.

Research methodology

The principal source of information analyzed inward this written report is the 2015 True Link Senior Vulnerability Survey, a survey of menage unit of measurement caregivers for older Americans that includes 2,335 cumulative years of information on incidents of fiscal abuse.

The pattern of this survey was guided yesteryear the recommendations of an skillful panel of fraud researchers convened yesteryear the Financial Fraud Research Center at the Stanford Center on Longevity.

Read the Full Report Here - Elder Financial Abuse 2015

Sources

The True Link Report on Elder Financial Abuse 2015
Senior Financial Abuse as well as Exploitation Costs
The MetLife Study of Elder Financial Abuse
Huffington Post
MetLife Mature Market Institute
9 Ways Alzheimer's Patients Can Avoid Financial Ruin as well as Abuse

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