Financial exploitation is considered to be the No. 1 most common type of elder abuse in the United States. Estimates have shown that as many as 5 percent, or 60 million Americans, are victims of this every year.
That exploitation accounts for about $3 billion.
Who is committing these crimes? Research shows that the most common people that financially exploit the elderly are those closest to the person: caregivers, doctors, nurses, pastors, neighbors, friends and family.
The following are examples of financial exploitation in nursing homes:
- Forging signatures
- Coercion into signing documents
- Theft of money or possessions
- Cashing resident’s checks
- Illegally standing in as power of attorney
- Use of technology to swindle the elderly
The Consumer Financial Protection Bureau offers four “pillars” of intervention that can help protect nursing home residents. These pillars include:
Prevent: Prevent financial exploitation through methods of training and awareness
Recognize: Know the warning signs of exploitation and how to take action
Record: Always document suspicions of exploitation
Report: Report any suspicions to authorities
If you or a loved one has been a victim of financial exploitation in a nursing home, if may be in your best interest to contact a nursing home abuse lawyer today.
