Editor’s note (September 2026): In July 2019 Freedom Debt Relief settled a lawsuit brought by the Consumer Financial Protection Bureau, which alleged illegal advance fees and misleading claims, by agreeing to pay $20 million in restitution to consumers and a $5 million civil penalty. The elder-abuse advice below is general information. Source: Consumer Financial Protection Bureau.
Freedom Debt Relief Reviews has found that the financial abuse of elders is growing in America at an alarming rate. According to a 2011 study by MetLife, financial abuse of the elderly is responsible for at least $2.9 billion dollars annually.
Freedom Debt Relief Reviews has found that, according to a 2014 study by Allianz Life, the annual elder fraud victim loses about $30,000. Perhaps most alarming is that statistics support the idea that financial abuse of the elderly is a chronically underreported crime- meaning that these statistics may be even higher than estimates believe.
Freedom Debt Relief Reviews wants to help you put a stop to elder financial abuse. Read on to learn the facts that you need to know to recognize and put an end to elder financial abuse.
1) Who is at risk?
The group that is most at-risk for elder financial abuse is women between the ages of 80 and 89. Freedom Debt Relief Reviews has found that elders who live by themselves and who are isolated from family members and their communities are most at-risk for financial abuse.
One major factor that influences whether or not elder abuse will occur is the onset of cognitive incapacity or cognitive decline – if you have noticed that someone you love is beginning to see the symptoms of mental decline, you should take special care to ensure that their finances are being protected.
2) How can I tell if my loved one is suffering from aging-related impairment?
According to research from the Alzheimer’s Association, 10-25% of elders suffer from diminished mental capacities. As a result, an estimated 5.3 million Americans are considered to have reduced financial capacities, which may make them more susceptible to financial abuse. Freedom Debt Relief Reviews has found that the following are some of the most common symptoms of diminished financial capacity in the elderly:
- Forgetfulness. Forgetfulness often results in the failure to perform financial responsibilities and can lead to elders being taken advantage of by fraudsters and identity thieves.
- Decreased mathematical skills. Deterioration of everyday math skills can lead to errors in accounting, which allow an opportunity for tax fraud or other kinds of financial abuse.
- Confusion. One of the later stages of Alzheimer’s, confusion can lead elders to be too trusting of online scams, and they may even forget the meanings of basic financial terms.
3) What are the signs of elder financial abuse?
While there are no definite signs that appear in every instance of financial abuse, one of the most common symptoms is the presence of unpaid bills that the elder should have the means to pay.
This can mean that a scammer has recently taken advantage of your loved one’s money, leading to their account being drained; be especially cautious if the bill that has went unpaid has been set to auto-pay, as this removes the possibility that your loved one simply forgot to pay the bill.
It is also important to be aware of who your elder is communicating with, especially in the online sphere. Many scammers hide themselves in different countries, which makes getting your loved one’s money back substantially more difficult. Be on the lookout for abrupt changes in spending patterns, your elder talking about new friends that he or she has met online, or an unexpected transfer of assets.
As someone close to your loved one, you know better than anyone else when something is going wrong or they are behaving differently than usual- keeping in touch with your elderly loved ones is one of the best ways to prevent financial abuse.
Freedom Debt Relief Reviews wants to encourage everyone to take the time today to speak with their loved ones about finances. If you believe that your loved one has become the victim of elder financial abuse, don’t hesitate to contact authorities. 🙂
