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3 ways to protect your elders from financial abuse

According to a report by the Consumer Financial Protection Bureau (CFPB), elder financial abuse is on the rise. The Bureau says that suspicious activity reports involving elder financial abuse increased by a factor of four from 2013 through 2017. For California residents with elderly family members, this increase is a significant cause for alarm.

What are some examples of elder financial scams?

Many cases of elder financial abuse involve a caregiver or even a trusted family member, but California's elder population can also suffer such abuse from strangers. Scams and schemes that target the elderly run rampant in the nation, often leading to total depletion of a senior's life savings.

How can elders in San Francisco avoid financial abuse?

As you probably know, there exists a vast assortment of unscrupulous individuals and companies that target elders in financial abuse activities. From financial scams by agencies to individuals preying on older California residents, the problem of financial abuse is real and requires immediate attention. Elders typically exist on fixed incomes and cannot afford to lose even one dollar of their financial resources.

The elderly are often targets of financial abuse

Elderly people are some of the most vulnerable residents of San Francisco. They are at risk of suffering physical and emotional abuse, but those aren't the only ways that a nefarious individual can abuse the elderly. Financial exploitation is also a common form of elder abuse. From unauthorized check cashing to coercing an elderly person to give away their property, financial abuse of the elderly is a serious problem.

Know the signs of elder financial abuse

For most, it is difficult to understand how someone could take advantage of an older, vulnerable person. Unfortunately, it is a sad reality that can and does happen. In addition to physical abuse and neglect, many elders residing in California are victims of financial abuse perpetrated by unscrupulous caregivers and other parties.

  • SFTLA | San Francisco Trail Lawyers Association
  • Canhr | Elder Justice Advocates
  • Super Lawyers
  • The Bar Association Of San Francisco
  • Consumer Attorneys Of California
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