BEND, OR — The US Attorneys office has released the results of a new study showing how often the elderly are exploited for their money. And, it’s a growing trend in Oregon.
It’s the second ever study of its kind, focusing on how and how often those over the age of 65 are taken advantage of. Researchers looked over 600 reports from 2013, and found allegations of financial exploitation increased by 18% from the previous year. National numbers suggest for each case that is investigated, an estimated 44 go unreported. The average loss per substantiated case was nearly $25,000, although additional losses of personal property, like medication, can be difficult to quantify.
Financial exploitation of the elderly and those with disabilities has become the most common type of abuse investigated by adult protective services, in Oregon … and is often accompanied by other types of abuse. The most common perpetrators are family members.
Additionally, the study revealed that for the first time, non-mandatory reporters, such as bank employees and family members, were the most frequent reporters of financial abuse. According to study author and researcher Rebecca Fetters, this highlights the fact that even though bankers are not mandatory reporters, they have taken it upon themselves to do the right thing and recognize that they, along with close friends and family, are in a unique and important position to identify the warning signs and do something about it.
Click Here to view the entire study.
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