New Program in Maine Will Help Prevent or Stop Financial Elder Abuse

On Monday, February 10th, banks and credit unions in the state of Maine announced that they would collaborate to create a program that should help stop or prevent financial elder abuse.

Senior$afe is, according to the Maine Council for Elder Abuse Prevention, the first of its kind in the country. The program will train bank and credit union employees how to identify irregular financial activity that  could be a sign of a scam or financial elder abuse, and to intervene when necessary.

“Financial institutions can play a critical role in identifying and reporting suspected cases of elder financial exploitation,” said Gov. Paul LePage in a written statement. “Senior$afe will enhance the efforts of bank and credit union employees in assisting seniors who have been victimized and those who may be especially vulnerable.”

Senior citizens are often targets of financial elder abuse, from scam artists looking to steal pensions, to nursing homes overcharging for services, to unscrupulous family members redirecting retirement funds. Experts estimate that there are as many as 14,000 new reports of elder abuse every year, and assuming that most elder abuse cases going unreported, that number could constitute only 15% of the total number of cases of abuse.

Maine currently has the highest average age per capita in the country, so banks and local senior advocates felt it was necessary to launch the program in that state.

Anne Head, the commissioner for the Maine Department of Professional and Financial Regulation, said that by the end of this week, as many as 200 people would be trained to identify and prevent financial elder abuse. Those people will return to their employing banks and credit unions, and teach their coworkers what they had learned in the new program.

“Financial exploitation, which includes investment fraud and scams, is among the most common forms of elder abuse, costing its victims an estimated $2.9 billion each year across the nation,” said Head. “Maine is fortunate to have financial institutions that value the independence and safety of our seniors.”

Financial Elder Abuse and Exploitation

Many states define exploitation as the wrongful use of an older person’s resources for another person’s profit or advantage. State laws use various terms to denote the wrongful nature of the act, such as “illegal,” “improper,” “unjust,” and “without legal entitlement.” Some definitions refer simply to the misuse of the person’s funds, property or person. Some states specify that, to qualify as exploitation, the resources must have been obtained without the older person’s consent, or obtained through undue influence, duress, deception or false pretenses.

In financial elder abuse, aging adults are taken advantage of by caregivers (related or unrelated). This can occur by home health care workers or at nursing homes and long-term care facilities.

Financial Exploitation includes:

• theft and credit card fraud,
• stealing identity,
• using real estate for personal means, and
• conning nursing home residents into purchasing a fraudulent service or product.

Financial exploitation might not endanger an older person’s health or safety, but it results in the loss of the person’s estate and self-esteem.

The Strom Law Firm Defends Senior Citizens against Financial Elder Abuse

If you or a loved one has been the victim of financial elder abuse or exploitation by your care facility, nursing home, caregiver, or a relative, contact us today. Come in for a free consultation with one of our nursing home abuse and neglect lawyers to discuss your situation and hear how we can help. 803.252.4800