Consumer Reports: Elderly financial abuse

Consumer Reports: Elderly financial abuse »Play Video

Older Americans are easy victims for scam artists. But a Consumer Reports’ investigation has found increasingly it’s trusted family and friends who are abusing the elderly by draining bank accounts, selling valuables, or even taking over their real estate. And those crimes can often be very difficult to spot.

Caregivers, family members, and neighbors can use all kinds of tactics to raid their assets. They can be as obvious as forging signatures on checks, begging for loans that are never paid back, or abusing power of attorney.

When you give power of attorney to someone, it can give him unfettered access to your accounts. Someone who misuses those powers can do real damage. And that’s a real problem for the elderly.

Consumer Reports says to help prevent elder abuse:

Have bank and investment statements sent to a person you trust to monitor accounts.

Arrange for direct deposit and automatic bill pay.

Consult a reputable elder law attorney for advice on wills and limiting power of attorney.

Consumer Reports says there are good places to get help if you or an elderly relative is concerned about financial abuse, including the National Center on Elder Abuse, which has links to help and hotlines. That website is ncea.aoa.gov.

Complete Ratings and recommendations on all kinds of products, including appliances, cars & trucks, and electronic gear, are available on Consumer Reports’ website. Subscribe to ConsumerReports.org.