According to Fred Joseph, president of the North American Securities Administrators Association, “Elder financial abuse is becoming the crime of the 21st century’’. He was quoted in a Washington Post article that focused on the link between the growing recession in the U.S. and the increase in elder financial abuse. Though there may be debate about if elder financial abuse is the ‘crime of the century’, there is no doubt that it is a burgeoning crisis in the U.S. This video from the California Attorney General’s Office is a good introduction to the issue – and how to help prevent elder financial abuse.

As we’ve written about, WITNESS and the National Council on Aging have partnered to address a silent crisis in America: elder abuse. This summer and fall, dozens of video stories and testimonies about elder abuse, some from the estimated annual five million victims of elder abuse, are being gathered and shared to help break the silence and pass the Elder Justice Act, pending legislation that will provide holistic support to help detect, prosecute and prevent elder abuse.

Elder abuse can take many forms (which you can learn more about here and here), one of which is the financial abuse of seniors – the illegal or improper use of an elder’s funds, property or assets. Examples range from the financial abuse my colleague Kelly’s grandmother endured when she was swindled by a door-to-door salesman (read thief) to a family member signing checks from their elder’s account without permission.

Though underreported, the annual loss is estimated to be at least $2.6 billion, according to a recent report (pdf) from MetLife Mature Market Institute, produced in conjunction with the National Committee for the Prevention of Elder Abuse and Virginia Tech University. It goes on to state that the typical victim of elder abuse is a woman over 75 who lives alone and the “increased aging population, social changes, and technology advances will lead to a dramatic increase in the opportunity for a growing level of elder abuse”.

Carmel’s Pat Smith relates the story of her husband, who has Alzheimer’s, who was taken in by a young woman in Las Vegas. Her criminal behavior led to credit card charges of some $750,000 for the Smiths and an FBI investigation.

Elder abuse affects seniors across all socio-economic groups, but “older” seniors are more likely to be victimized.

Your support is needed. Get involved. Take action now.

The Elder Justice Act would provide the support for state and community efforts and the resources needed by those who work on the front lines preventing, fighting and prosecuting elder abuse.

Cindy Healy, of Monterey, California, is a CPA who serves as a trustee and guardian for many area elders. She works alongside Adult Protective Services and families to help prevent financial elder abuse fraud, detect it where it happens, and reconcile the damages. She asks members of Congress to act immediately on behalf of the nation’s elders who need help now but also for all of us that are seniors to come. As the number of elders increases, so does the problem.

Between 2000 and 2004, reports of elder and vulnerable abuse in this country increased 20%.

The Elder Justice Act will create a federal office of Adult Protective Services, allowing for better coordination and informaton sharing nationwide.

It is time for Congress to pass the Elder Justice Act. Your help is needed.

Get Involved: http://ElderJusticeNow.org
Take action now!

Saratoga’s Bob Lee relates the story of his father, a World War II veteran, was abused by a caregiver who took away his dignity, stole his money and even contributed to his death. He calls on Congress to pass the Elder Justice Act.

Financial abuse alone costs the nation’s seniors some $2.6 billion a year.

The Elder Justice Act would educate law enforcement, financial institutions, caregivers and family members about elder financial abuse.

Your support is needed. Get involved. Take action now.