Are you likely to get swindled? Be on alert

By Marci Vandersluis, Dayton Daily News

February 27, 2017

“On a recent trip to New York, just before arriving at the taxi stand, I was approached by someone wearing a nametag with the logo of a popular car service offering to drive me to my destination. My initial thought was that this was not the typical way that this company promoted its service. Nevertheless, there was a large line at the taxi stand and I was tired so I hopped into the back of his car. I did arrive at my hotel but later learned that I overpaid for the trip by $75. Along with reprimanded by my children for getting in a ‘stranger’s’ car, I was not surprised to discover that the driver was not an employee of the company. While my poor judgment caused more ego than financial damage, it made me much more aware that financial exploitation doesn’t just happen to someone else. Regrettably, our elders are particularly vulnerable to this form of abuse.

Financial exploitation occurs when someone, a family member, acquaintance or unfamiliar individual, illegally or improperly uses the resources for their own benefit. Author and blogger John Wasik adds, ‘elder financial exploitation is committed by people who occupy traditional positions of trust, such as friends and relatives and fraud is typically perpetrated by strangers.’ According to a 2015 report from the Ohio Family Violence Prevention Project, local adult protective agencies investigated close to 2400 allegations of financial exploitation. This figure is likely higher as there is undisputed agreement by elder advocates, that many cases of abuse are not reported. When reviewing the enormity of this crisis on a national scale, the annual financial loss by older adults who have been exploited has been estimated at close to $3 billion (National Council on Aging). The impact of this type of abuse reaches beyond financial disarray including, increased dependence on family or state agencies for financial support, a decline in mood, along with a loss of confidence.

Elders who are most at risk for misappropriation of their hard earned savings include those in poor physical health, and people with cognitive challenges. Widowed individuals, who had relied on his or her spouse to ‘handle the finances’ and are, therefore, unfamiliar with status of their finances may also be likely victims of abuse. As well, individuals confronted with feelings of loneliness due to a shrinking social support network who as a result, may also be in harms way particularly if the thief manipulates the elder into thinking that they want to befriend them to help to fill this void.”

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Marci Vandersluis is a licensed social worker and has a master’s degree in gerontology. She is employed as a care manager assisting older adults in the community connect with needed services. Email: marcirobinvandersluis@gmail.com.