Older Adults Need Network of People They Trust as Checks on Each Other to Prevent Fraud, Say Experts

Experts recently told the U.S. Securities and Exchange Commission that seniors need a network of trusted family members, friends, and financial professionals as checks on each other to prevent targeting by financial scammers, reports Forbes . The experts warned financial professionals and others who rely on a single individual to protect a senior is that that person could turn out to be a fraudster. National Adult Protective Services Association Executive Director Lori Delagrammatikas said financial fraud can lead to physical harm by the perpetrators, who are mostly family and other caregivers. "If someone will steal your money, they will also neglect you," she noted. Delagrammatikas added that adult protective services employees can find hope for seniors who tell them they are afraid that removing an abusive caregiver will exacerbate the situation by leaving them without any care. Among the services they can provide is to have a police officer threaten abusers with prison if they do not behave. Securities Industry and Financial Markets Association Managing Director and Associate General Counsel Lisa Bleier said one challenge for verifying claims of fraud is determining if a senior has lost money from fraud or bad decisions. She noted it is more effective when discussing financial abuse with seniors to use a positive message.