The Government Accountability Office is deeply concerned about financial abuse of the elderly, with a representative from the office going so far as to call this troubling form of abuse as being nearly on the level of an epidemic.  A report from the GAO shows that even those agencies and organizations that attempt to protect seniors from this type of abuse can’t do what they need to because they simply don’t have the resources.  That includes law enforcement officials.  A new report explains what elderly persons can do to protect themselves from financial fraud.  The tips include such things as letting a trusted loved one have access to your financial records and keeping important financial documents organized digitally in a place where you can access them easily and safely.

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The National Committee for the Prevention of Elder Abuse’s former president says that elder financial abuse is more likely to be perpetrated by family members than fraudulent telemarketers and the like.  A Department of Justice study seems to concur, as it showed that relatives spending an elderly’s individual’s money without bothering to seek permission is the most frequent abuse out there.  To avoid danger, caregivers and family members are urged to look out for suspicious transactions and increasing isolation by the elderly person.

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