Officials Trying to Curtail Financial Abuse of The Elderly

Posted on June 15, 2012

A lot of attention gets paid to physical abuse of the elderly, a widespread problem that needs immediate attention, but it’s important to note that physical abuse isn’t the only type of abuse there is.

A new report discusses the rampant financial abuse that the elderly are experiencing across the country.  According to a study conducted by Virginia Tech, the National Committee of Elder Abuse, and Metlife Mature Market Institute, the amount of money that was lost by people over 60 due to scams was 12% higher in 2010 than it was just two years prior.  In fact, the amount is up to an astonishing $2.9 billion.

Because of these shocking statistics, the Consumer Financial Protection Bureau has launched an investigation into the most widespread scams and trying to figure out solutions that can prevent their implementation in the future.  The problem, though, is that it’s difficult to make a lasting impact on scammers, according to a spokesperson for California Advocates for Nursing Home Reform.  The moment you crack down on one scam or scammer, another simply pops up using new tactics.

Officials with the CFPB are asking for the public’s help in correcting this problem.  They’re hoping that citizens can provide information on the scams that they’ve experienced or heard of.  Comments will be accepted up until August 13.

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