Financial exploitation of vulnerable elderly adults is a serious problem. Many seniors suffer from dementia or Alzheimer’s disease, which limits their ability to protect themselves from abuse, neglect or financial exploitation. It makes them easy targets for unscrupulous caregivers, family members, friends or strangers.
Elder abuse costs about $3 billion dollars a year, according to Mary Mack, the president of Wells Fargo Bank’s brokerage division. Combating exploitation requires new methods of protection. What more can be done to help protect the financial security of our beloved vulnerable senior citizens? Fortunately, there are some new ways.