| Elder financial exploitation in the United States is increasing as the older population continues to live longer. The financial exploitation of this population is a growing concern as older adults are losing billions of dollars in the United States annually to fraudulent schemes. The elderly are easy to target due to their increased wealth and the likelihood that they may suffer from mental or physical vulnerabilities. Older adults that are financially victimized may be unwilling to report abuse due to fear, embarrassment, lack of physical or cognitive abilities, or loyalty to exploitative family members. The underreporting of elder financial exploitation inhibits law enforcement and other government agencies in becoming more involved in seeking justice for those elders that have been or will be defrauded. An increase in detection, prevention, and reporting of elder financial exploitation can lead to the reduction of the financial victimization of older adults. Financial institutions play an important role in the relationship between the financial assets of aging adults and the detection of fraudulent activity. Financial institutions may reduce elder financial exploitation by utilizing their frontline staff, policies, procedures, training, and reporting methods to identify potential abuse of older adults.;Keywords: Economic Crime Management, Dr. Shannon L. Johnson, elder financial exploitation, financial institutions, abuse, vulnerable adults, suspicious activity reporting. |
