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Financial Abuse of the Elderly Grows

Financial abuse of the elderly is a problem that continues to grow in this country. The non-profit organization, Investor Protection Trust (IPT) released a survey this week about financial exploitation. According to the IPT, the most common type of financial abuse is when relatives steal or divert funds or property. Other common types of financial abuse include caregiver theft and scams perpetrated by strangers.

USA Today reports that the IPT conducted the survey after the Consumer Financial Protection Bureau requested more information about financial abuse.

MetLife says that during 2010 elder adults lost $2.9 billion in financial scams. Elder adults are sometimes susceptible to fraud because of diminished mental capacity.

Due to the growing issue of financial abuse among the elderly, the IPT has created the Elder Investment Fraud and Financial Exploitation (EIFFE) prevention program. The program consists of 3,000 U.S. healthcare professionals that are trained to spot elder adults that a vulnerable to financial abuse.

It is not uncommon for financial abuse to occur in a nursing home or an assisted living facility. If you or a loved one has been financially exploited, you may be entitled to legal recourse. Contact a nursing home abuse attorney at Jonathan Perkins Injury Lawyers to discuss your legal options.

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