Helping to Fight Elder Financial Abuse

The State of Maine has a novel program called Senior$afe, which is effort to provide information to the employees of banks and credit unions. Maine recognizes that:

“Elder financial abuse is typically carried out by a family member, friend or someone else who is trusted by the victim, often someone who has been given financial power of attorney. Forms of abuse can range from someone securing and using a senior citizen’s credit to intimidating the victim into writing checks or handing over cash.”

By giving additional training to the folks who are best in a position to intervene, Maine hopes to stem the tide of the more than 14,000 annual cases of elder financial abuse in that state alone.

Today, there was a hearing in the US Senate discussing some of the issues about financial elder abuse and what can be done to stop it.

 

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