May 8, 2006

As the U.S. population ages, the elderly are becoming a prime target for financial abuse.

Sometimes the thief is a stranger who befriends a lonely senior. Other times it's a caregiver with sticky fingers, a telemarketer with "found money" to share or a member of the senior's family who takes advantage of his or her declining mindfulness.

The National Center on Elder Abuse, a Washington, D.C., clearinghouse for elder rights advocates, estimates there may be 5 million victims a year.
Linda Eagle, an expert on elder abuse, believes the majority of cases go unreported. "Some of the elderly never know they've been scammed," she said. "Those who do are often too embarrassed to talk about it. Or they're afraid if they let on to their families, ... they'll take away their independence."

Larry Meigs, chief executive of the Visiting Angels in-home care service franchise in Havertown, Pa., said that families need to be aware of how many different people play roles in a senior's life, including caregivers, cleaners, physical therapists and repairmen.

Bob Blancato, coordinator of the Elder Justice Coalition in Washington, D.C., said elder financial abuse often is perpetrated by family members, and that this form is particularly difficult to uncover and punish.