Targeting the Finances of Seniors

BY BRIAN L. HUCHEL
Commercial-News Sun Sep 12, 2010, 12:21 AM CDT

DANVILLE — Vermilion County Sheriff’s Department Investigator Bill Hurt has worked elder abuse cases for four years. In that time, he’s seen instances where as much as $100,000 was stolen from a senior citizen.

Hurt said he’s now seeing a change among both seniors and their family members about the potentials for financial exploitation abuse.

“They’re catching on,” he said.

As a growing percentage of the population hits its senior years, elder abuse is becoming a bigger and bigger issue.

According to data from the Illinois Department on Aging, 20 percent of the more than 10,000 cases reported in 2008 were reported by family members. Senior victims themselves accounted for another 10 percent of the case reports across Illinois.

Aside from telephone scams that target the elderly, Hurt said senior citizens are often victimized by family members who access the senior’s bank accounts through false pretenses, trickery or downright forgery.

Although the action of the abuser is usually the indicator of abuse taking place, there are other specific signs when it comes to determining the existence of financial exploitation.

Susan Real, planning and programs manager at the East Central Illinois Area Agency on Aging, said there are a number of red flags to look for.

“All of a sudden the elder is withdrawing a lot of money from a savings or checking account,” she said. “They seem to have an adequate amount of finances and then not be able to pay a bill or be evicted from their apartment.”

She said caregivers will start digging and see there is a family member who is requesting money or is running up credit card bills and the victim is paying those off.

Almost a quarter of the elder abuse victims in 2008 were 86 years old or older. Real said the older and more frail a senior becomes, the more family interests start to play a role in financial exploitation, as well.

“When the family dynamics come into play, children get involved in powers of attorney or health care,” she said. “They start thinking in terms of inheritances and ‘We’re due this money.’”

Tips for avoiding financial exploitation include:

■Be suspicious if a deal seems too good to be true.
■Do not give out personal information to phone solicitors. Protect your credit cards, Social Security and ATM information.
■Get estimates before doing renovations. Do not pay for work in advance. Check insurance references and credentials.
■Do not sign a power of attorney or any other document that allows another person to act on your behalf unless you have a complete understanding of the actions he or she can take using your name and assets.
■Use good financial practices. Sign up for direct deposit. Do not sign blank checks. Never leave money lying around. Shred credit card offers.
■Maintain a network of friends and professionals.
Mike O’Donnell, executive director of the ECIAAA, said older adults become vulnerable if they become reclusive and don’t have family or friends to advise them.

Currently, state law deems a number of professions as mandated reporters, ranging from law enforcement and social services to religious representatives and a variety of different medical professionals.

A new law signed into effect earlier this year now adds banking officials to the list. O’Donnell said the law is an attempt to train the workers in a “pre-emptive manner to notify and educate the public.”

For more information contact Senior Solutions at (954) 456-8984 or toll free at 1-800-213-3524