Financial Abuse Growing in Elder Abuse Cases

As the population ages and more people depend on others for their primary care, including care of their finances, cases of financial fraud and abuse of the elderly has grown in recent years. Insurance giant MetLife has reported that financial exploitation against the elderly totaled losses of $2.9 billion in 2010. This was an increase from 2008 when such losses totaled $2.6 billion. The insurance company also stated that women are twice as likely to be victims of elder abuse in the form of financial exploitation as men.

Oregon's Adult Protective Services (APS) has reported that out of the 1,676 complaints it received in 2010, the highest percentage at 41 percent involved financial abuse. To get a better handle on preventing, spotting, and handling financial exploitation of the elderly, the APS, Oregon Bankers Association, and the Independent Banks of Oregon worked together on a 2006 training program to help people recognize it. That year, bankers reported 163 cases of suspected financial fraud. The following year, the number of cases grew by 80 percent and have been growing steadily ever since.

The APS has stated that neglect is the most common form of elder abuse in facilities which care for seniors throughout the state. Financial abuse is the most common type of elder abuse found in community settings.

Personal Injury Attorney Serving Portland, Oregon

Those with elderly family members who are taken care of by licensed facilities or other caregivers should be aware of the signs of elder abuse. They should also be aware of and stay on top of their family member's financial transactions to ensure that any type of exploitation does not occur. Where an elderly person has been subject to any type of neglect or abuse, legal action may be taken on behalf of the victim.

The Law Offices of Timothy Grabe, serving the greater Portland area, is a law firm that focuses on cases of personal injury, wrongful death, and elder abuse. Mr. Grabe is a seasoned trial lawyer who has recovered millions of dollars in legal compensation for his clients. The firm has been in business since 1988 and has a long history of pursuing settlements and verdicts based on realistic sums sought for the harms and losses suffered by clients. Mr. Grabe often uses a team approach, employing specialists such as accident reconstruction specialists, medical specialists, life-care planners, and more to help make your case as strong and convincing as possible. To learn more, contact the firm for a free case consultation.