Elder financial abuse or exploitation is defined as the fraudulent or otherwise illegal, unauthorized, or improper act of an individual, including a caregiver or fiduciary, that uses the resources of an older individual for monetary or personal benefit, profit, or gain, or that results in depriving an older individual of rightful access to, or use of benefits, resources, belongings, or assets.
* 1 in 5 people aged 65 years and older reports being a victim of financial fraud or abuse
* 9 in 10 of those who commit elder financial abuse are family members or other trusted individuals
* Elder financial abuse in the United States costs seniors $36.5B each year
* 1 in 44 elder financial abuse cases are ever reported
There are several different types of elder financial abuse including:
• Draining joint accounts
• Frequent demands for money
• Coercion through neglect and violence
• Theft of property / Real Estate Fraud
• Mismanagement of assets
• Investment schemes e.g. annuity scams
• Internet scams
• Phone scams
• Identity theft
• Bequests and life insurance schemes
• Lodgers and roommates
• Grandparent scams
Research confirms that those diagnosed with dementia under which Alzheimer’s disease falls experience definite biological changes to their brains and its functioning, long before formal diagnosis is made. This creates serious risks for those who are still at the helm of their own finances but are unaware that impaired cognitive function may be affecting their decisions; and at the same time the perfect opportunity for criminals to capitalize on this vulnerability and steal.
If you live at home or in the community, call Adult Protective Services at DSS:
– Call 1-888-CARE4US (1-888-227-3487) or
– Visit DSS’ website click on the link to make a report online
Click here: DSS Portals (sc.gov)
To report Medicare fraud and abuse:
1-800-MEDICARE (1-800-633-4227)
If you live in a licensed nursing home, community residential care facility, or assisted living facility, call the Long-Term Care Ombudsman
– Call 1 (800) 868-9095
If you live in a residential facility contracted or operated by the Department of Mental Health or Department of Disabilities and Special Needs, call the SLED Special Victims Unit
– Call 1 (866) 200-6066
If you have been affected by Identity Theft and/or Scams, call the Department of Consumer Affairs
– Call 1 (800) 922-1594
A person making a good faith report to Adult Protective Services (APS) has:
– A right to confidentiality of his/her identity
– Protection from civil and criminal liability, as well as professional disciplinary action, including protection against retaliation by an employer
– Protection for providing information, records or services related to a report of suspected mistreatment
South Carolina law requires certain professionals to report suspected cases of abuse, neglect, or exploitation of vulnerable adults. The following professionals are mandated reporters of adult abuse, neglect, or exploitation of any type:
– Physician
– Nurse
– Dentist
– Optometrist
– Medical Examiner
– Coroner
– Other Medical, Mental Health or Allied Health Professional
– Christian Science Practitioner
– Religious Healer
– School Teacher
– Counselor
– Psychologist
– Mental Health Specialist
– Intellectual Disability Specialist
– Social Worker
– Public Assistance Worker
– Caregiver, Staff or Volunteer of an adult day care center or of a facility
– Law Enforcement Officer having reason to believe that a vulnerable adult has been or is likely to be abused, neglected, or exploited
– Financial services representatives
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