Financial Abuse Against Seniors Most Often Committed by Those Closest to Them

A new Wells Fargo survey found 66 percent of financial crimes against seniors are committed by those closest to the victims, such as family members, friends, or other trusted persons, reports InvestmentNews . Typical forms of fraud include using ATM cards and stealing checks to take money from the victim's accounts. Abuse by in-home caregivers also can include keeping change from errands, paying bills that do not belong to the victim, asking victims to sign falsified time sheets, spending their work time on the phone, and not doing what they are paid to do. The poll also cited "government scams," "granny scams," "prize and sweepstakes fraud," and "sweetheart fraud" as practices that fraudsters use to scam seniors. Government scammers masquerade as officials demanding that victims wire cash or use prepaid debits or gift cards to pay bogus IRS tax bills, or they may provide fake Medicare services at makeshift mobile clinics to bill insurance companies. Wells Fargo found almost one in five Americans 65 and older have been affected by financial abuse, and every year up to $36.5 billion is lost to financial exploitation, criminal fraud, and caregiver abuse.