elder financial abuse

Those Free Dinner Seminars May Give You Heartburn

Posted on 04/21/2014 by | AARP Blog Author | Comments

Money & Savings | Your LifeEver get those invitations for a free financial seminar at a restaurant? “Nothing will be sold — we only want to educate you on your financial future,” is the typical pitch. Most specify that “financial professionals may not attend.” However, I recently received one that didn’t exclude me, and decided to see what I might learn about my financial future. Here’s my experience and what you need to know. First, this wasn’t just some seminar at a local restaurant; this …

Is It Elder Financial Fraud? 5 Signs It May Be “Yes”

Posted on 07/3/2013 by | Caregiving | Comments

CaregivingYou’ve seen this subject here before. I’m bringing up financial elder abuse again because of a new resource for readers.  But some background first:  Americans age 60+ lose nearly $3 billion a year to financial abuse.  That’s 5 million older Americans who get duped annually. According to studies by the Consumer Law Center, sham telemarketers direct 56-80% of their calls at older people. And, the Consumer Financial Protection Bureau says that for every case that is reported, 43 are not. Financial abuse can …

Older Adults Miss Cues That Warn of Scammers

Posted on 12/4/2012 by | Money and Work | Comments

Bulletin Today | Money & SavingsThe notion that older adults are generally more trusting than younger folks (because they grew up in less complicated, more trusting times) has been busted. New research suggests older people may be targeted by fraudsters because their brains work differently — and less efficiently when it comes to spotting scams — not because they’re blindly trusting. It turns out that the part of the brain that gives off those “gut feelings” about whether someone is potentially devious is less active …

Action Urged to Fight Elder Financial Abuse

Posted on 11/15/2012 by | AARP Blog Author | Comments

Home & FamilyThe following is a guest post from AARP Money Content Editor John Burgess. | Four decades out from his teen-aged check-forging spree, a lion-maned Frank Abagnale bears little resemblance to Leonardo DiCaprio, who portrayed him in the movie “Catch Me If You Can.” But Abagnale still knows a thing or two about fraud. What I did 40 years ago as a teenager is 4,000 times easier to do today due to technology,” the reformed con man told the Senate Special …

JPMorgan Chase Employee Accused Of Stealing $100,000 From Customer With Alzheimer’s

Posted on 07/10/2012 by | Money and Work | Comments

Bulletin Today | Money & SavingsIt’s about as ugly as a story can get. An employee with JPMorgan Chase in Louisiana has been accused of siphoning $100,000 from the bank account of a customer suffering from Alzheimer’s, according to a lawsuit reported by the Huffington Post. The JPMorgan employee, who was not identified in the suit, allegedly established a new bank account for Herman Lafayette, who was deemed legally incapacitated as a result of Alzheimer’s diagnosed in 2008. Then the employee allegedly gave himself a personal debit …

White House Announces Coordinated Effort To Combat Elder Financial Abuse

Posted on 06/14/2012 by | Money and Work | Comments

Bulletin Today | Money & SavingsFederal programs that target the devastating and increasing problem of financial abuse against older Americans will be improved and tightly coordinated, replacing the current “fragmented” approach,  Health and Human Services Secretary Kathleen Sebelius announced Thursday. At a White House forum on elder abuse and financial exploitation, Sebelius says a $5.5 million grant under the Affordable Care Act will be used to create a federal elder justice coordination team, including officials from the Justice Department and the Consumer Financial Protection Bureau (CFPB). That team will examine previously “fragmented” elder abuse …