l a i c n a ise: n i F r R e h t Elde n o to You se is Abu This Matters Why
Over thirty billion dollars a year is estimated to be lost
annually due to elder financial abuse, fraud or scams. Elder fraud is a growing problem, leaving destroyed relationships and economic destruction in its wake. This number is likely higher as according to the National Adult Protective Services Association, only one in about forty-four cases is reported. Words like “elder” or “elderly” conjure up images of a frail and delicate senior citizen benignly rocking away on the front porch. While it is true that seniors who are most physically vulnerable and who may have cognitive issues are mainly at risk, financial abuse can happen even to people on the younger side of senior: those who are successful, financially savvy and socially connected. From straightforward theft to slow development through complex relationships, the tremendous loss of wealth incurred by senior citizens results in premature deaths and intergenerational loss of wealth. It ultimately rips at the fabric of society as a whole as trust among family members and faith in financial institutions are destroyed. As technology has advanced, scammers have kept up. From check fraud to undue influence through power of attorney, to online scams and even online dating, the list of ways that seniors can be ripped off is terrifyingly long. And as we have seen with cases making the news in recent years, the well-known and well-off—those with the most significant access to protection—are not immune.
From Living Legends to the Lady Next Door, Abuse That Doesn’t Discriminate Comic book pioneer and former editor of Marvel Comics, 95-year-old Stan Lee, recently made headlines with a restraining order filed against a business manager of his, Keya Morgan. Morgan disputes claims of elder abuse, but
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| NAWRB MAGAZINE