Elder Abuse and Elder Financial Exploitation continues to be in the news, and instances of this type of abuse are increasing each year, because older adults aged 65 and above comprise 14.9% of the total population in the USA. Some stunning statistics include:
· At least 10% of adults aged 65 and older will experience some form of elder abuse in a given year, with some older adults simultaneously experiencing more than one type of abuse.
· A recent study found that 1 out of every 5 individuals over the age of 65 have been a victim of financial exploitation.
· In 2022 there were over 88,000 victims of fraud over age 60.
· 2022 total losses were $3.1 BILLION, with over $12 Million in losses in Iowa alone.
· Average loss per person was $35,101, with over 6% losing over $100K.
Elder abuse includes physical abuse, emotional abuse, sexual abuse, exploitation, neglect, and abandonment. Perpetrators include children, other family members, and spouses—as well as staff at nursing homes, assisted living, and other facilities.
Elder Financial Exploitation (EFE) is the illegal or improper use of an older person’s funds, property, or assets. It is the fastest-growing form of elder abuse, as perpetrators may be family members, friends, neighbors, caregivers, health care providers, business associates, or strangers.
Below are some Red Flags to look for as well as several links for additional information. Over the last several years at FSB we have seen almost of all of these. Please make sure to report such activity in an incident form, or feel free to email your manager or the BSA Department with your concerns. We investigate and report such activity where we can and have filed Suspicious Activity Reports as well. Bottom line we want to do everything we can to protect our customers and their funds, while preventing fraudulent activity.