Another scenario is of a 79 year old Fiosche who suffered financial abuse in the hands of Angela, a woman 50 years his junior. Giving his testimony before the Senates Special Committee on Aging, Fiosche admitted how he met Angela in a bank parking lot and after some times she confessed of her love for him, she could drive him to his doctor’s appointments and also drive him to the bank to deposit and withdraw his money.
However after four months into their relationship, Fiosche discovered that Angela had taken control of his accounts, stole 70,000 dollars of his assets as well as his 109,000 dollar house. She had opened new credit cards in his name and as a result of all this he was declared bankrupt. This case shows that the people who are close to the elderly persons especially the family members, spouses and caretakers are most likely the perpetrators of the finances of the elder person’s finances.
This argument is confirmed by NCEA, which said that half or more of the abuse and crimes against the elderly are committed by family members. This study therefore seeks to find answers to the commonly asked questions on the issue of elderly financial abuse. The questions which have been sited are: what financial abuse really is? Which are the types of financial abuse? What factors help people to determine a financial abuse case? And what ways and methods can be used to prevent as well as stop the financial abuse?
All these questions if well answered can help the elderly person and the persons concerned to be on the safe side and avoid the traps that are set by the perpetrators. They also help the perpetrator to be aware of the actions both legal and no legal which they may be faced with if they are found guilty of a financial abuse claim against and elderly person. The topic on elderly financial abuse is very vital in the lives of the innocent elders who may fall victim of the perpetrators whose main aim is not to help them but to siphon their finances mistreat and abuse them.
There are many important factors which are drawn from the study of elderly financial abuse. Below are some of the reasons why the study is relevant to the problems that are facing the elderly people today. One of the reasons is to know more about financial abuse against the elderly. The study helps the people who are living with the elder to detect any kind of injustice and mistreatment conducted against the person and find ways of helping them out of the situation.
(Price & Fox 1997). People in banks are able to detect fraud cases against the elderly by looking at any extra ordinary transactions or changes which may take place in the account of the elder; change of signatures, withdrawal of large sums of money, the person is in debt without a possible reason and realization that the bank statements do not reach the person are some of the ways bankers can be able to know fraudulent cases taking place against an elderly person.
Guardians and care takers of the person can detect financial abuse against the elder if they detect loss of personal property such as clothing or jewellery belonging to the elderly, if they notice that the person is being forced to sign legal papers such as will and deeds without understanding their contents or he/she does not remember signing any documents, if the person is not allowed to speak for him/herself and is isolated from his friends and family or if the person is afraid of talking about money. The second reason as to why it is important to study elderly financial abuse is to know how it can be stopped.