News
Financial crime evident in rise in elder abuse – The Royal Gazette
Created: June 19, 2024 at 08:00
Elder abuse is becoming more apparent, but it appears unclear to what extent it involves financial impropriety (photograph provided)
Financial institutions and an advocacy group have reported troubling elder abuse and increasing attempts to financially victimize seniors.
Last year, the charity Age Concern referred more than 50 cases to authorities due to concerns about elder abuse, a higher number than in previous years.
Executive director Mercedes Pringle, speaking shortly after Elder Abuse Awareness Day on Saturday, said “a good portion” involved possible financial crimes.
She said Age Concern regularly receives calls from elderly people and carers about the issue but cannot investigate itself, referring calls to the police or agencies such as Government Aging and Disability Services.
Advocating for older people: Mercedes Pringle, executive director of Age Concern (photo provided)
What is elder financial abuse?
Elder financial abuse can include pressuring elders to give or lend money, or giving access to financial information.
It may also involve trying to trick an elderly person into signing something like a will or contract.
Sometimes, the attacker takes and uses the elderly person’s credit card without their permission.
What is elder financial abuse?
Elder financial abuse can include pressuring elders to give or lend money, or giving access to financial information.
It may also involve trying to trick an elderly person into signing something like a will or contract.
Sometimes, the attacker takes and uses the elderly person’s credit card without their permission.
The organization is concerned about the lack of actionable statistics on the prevalence of elder financial abuse.
Geoff Scott, president of the Bermuda Bankers Association, said banks see signs of attempted financial crimes against elderly people, including cases involving family members.
“I can tell you that elder abuse is a problem,” he said. “I think anything beyond zero cases is bad enough. We don’t need to know the exact number.”
Pringle was particularly concerned about the misuse of power of attorney – legal control normally granted to a caregiver when someone is deemed unfit or unable to make their own decisions.
“A power of attorney is something that many people need to learn to use respectfully,” Pringle said. “Some families get into complicated situations with this.”
The charity becomes aware of all types of financial abuse involving elderly people.
“We get calls and emails from seniors about suspicious emails,” Pringle said. “Sometimes there are problems with family members suspected of stealing money. Sometimes it involves transferring money using iTunes gift cards.”
Scammers like the cards because they are untraceable. Victims of this type of financial fraud are rarely able to get their money back.
Age Concern recently held a workshop with the Bermuda Police Service to educate its members about financial abuse and fraud.
“There were a lot of questions about it,” Pringle said.
You can say no: Geoff Scott, chief executive of the Bermuda Bankers Association (file photo)
Scott said World Elder Abuse Awareness Day was an opportunity to remind people about the importance of recognizing the signs of financial abuse and ways to prevent it.
A BBA statement said: “Elderly people are often targets of financial abuse, but anyone can fall victim to it.
“Financial abuse is unethical and, in many cases, also illegal. It is important to be aware that financial abuse can come from unexpected sources.”
Elderly people who were unable to bank in person were advised to carry out financial transactions themselves, if possible, over the phone, online or through mobile banking.
Seniors should also carefully choose those who help them with their banking and financial decisions.
The statement said: “You can say ‘no’ when someone pressures you for money or to buy something – even family members.”
The BBA will post more information about preventing elder financial abuse on its Twitter page later this month.
• To report or discuss elder abuse, contact Government Aging and Disability Services or the Ministry of Youth, Social Development and Aging at 292-7802 or 278-4900 or email ads@gov. bm