Stopping the financial abuse of the elderly has proven to be a difficult task. The abuse is widespread and comes in so many different forms that government agencies and elder advocates have a tough time preventing abuse.
One thing that is being done is to raise awareness of the problem. It is for that reason, World Elder Abuse Awareness Day has been celebrated for the last 12 years. However, awareness alone is not enough.
The Consumer Financial Protection Bureau recently detailed some things it is doing to prevent elder abuse in "Preventing financial exploitation on World Elder Abuse Awareness Day."
One of the most important things the agency is doing focuses on reporting the problem in the first place.
Several studies and reports have detailed not only the scope of the elder financial abuse problem, but also how banks and other financial institutions can recognize it and help to prevent it.
Educational materials have been created so people can be trained to spot potential elder abuse. The CFPB has also put together local stakeholder support networks and distributed information directly to elders. For example, they have provided informative place mats to Meals on Wheels users.
If you think someone you know might be a victim of elder financial abuse, contact an elder law attorney in your area.
Reference: Consumer Financial Protection Bureau (June 15, 2017) "Preventing financial exploitation on World Elder Abuse Awareness Day."
In conjunction with the recent 12th anniversary of World Elder Abuse Awareness Day, the Consumer Financial Protection Bureau detailed some of its efforts to help prevent financial abuse of the elderly.
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