The elderly community is often prone to financial abuse because they are the most vulnerable targets. In most cases, the person who is financially abusing the elderly is their own family member or the immediate caregiver. In fewer cases, it is an external party like a scam or con artist. There are state and federal laws that protect the elders from such abuse. There are quite a few government agencies that protect from such frauds.

Elderly patients are often beneficiaries of Social Security. But there are Social Security frauds by and large. More often than not, the person, who is exploiting the elderly person financially, is a known relative of the elderly. They secure social security information of the elderly and exploit them. The elderly, who are abused, are frequently targets of such abuses. Con artists are existent who promise them money, romance, and several other offences. There are federal laws that can recognize the abusers and even prosecute them.

Elderly citizens are prone to Social Security fraud. They are not capable of managing their funds, so a recipient is appointed and this could be anyone from a friend to a neighbor. However, according to the law, the person, who collects the elderly social security payment, is legally responsible to dispose it in the correct manner. When the elderly are unable to manage their funds, the Social Security Administration (SSA) selects a representative to receive the payment.  This person is responsible for using the funds for food, shelter and other needs of the elderly. If the recipient uses the funds for any other needs other than those for the elderly, he or she is committing a Social Security fraud. The SSA has hot line numbers to report such fraud.

Financial abuse in some states is considered a crime and is punished quite severely. In the state of New York, people who perpetuate financial fraud against an elderly are prosecuted under the hate crime laws. In some states, the individuals are required to pay civil penalties and face sentencing in the court. Some states have mandated reporters who have to report the crime against an elderly person. This may include professionals from the finance industry and bankers. If they notice any changes in the elderly account, they have to report it suspecting a fraud. Also, they have to keep a special watch on such accounts. Even doctors are sometimes mandated reporters. If they attend to an elderly and notice any signs of abuse, they have to report the matter to the hot line number.

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• Law To Protect Elderly Financial Abuse
• Warning Signs Of Financial Abuse