State regulators, social service workers and several medical organizations are teaming up to help health care providers identify and protect older patients who are vulnerable to financial abuse and scams. The effort was announced Tuesday on World Elder Abuse Awareness Day. It comes as a new survey by the trust shows that one in five Americans over age 65 — more than 7.3 million people — reported being victimized in a financial swindle at some point in their life.
Elder financial abuse can assume many forms, including telemarketing or mail fraud, contracting and repair scams, or bad advice from financial services professionals such as insurance salesmen and accountants. It can also include identity theft, abuse of guardianship or even Medicare fraud.
The "Elder Investment Fraud and Financial Exploitation" project will train medical professionals across the country to identify patients with mild cognitive impairments who are most susceptible to financial scams. The goal is to have caregivers inform state regulators about patients who pose the greatest risk for abuse. JWR
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