What To Do If You or a Loved One is the Victim of Financial Exploitation

Think it can’t happen to you, or to someone you love? Think again. A recent study completed by MetLife (Broken Trust: Elders, Family, and Finances) revealed that one million elders fall prey to financial exploitation annually, costing them $2.6 billion each year.

The same MetLife study pointed to an absurd 55 percent of financial abuse perpetrators know their victims as either caregivers, family members, or friends.

But what can you do if you suspect that you or someone you care about has fallen victim to financial abuse? One of the first steps you can take is to reach out to someone you trust. Or, call the National Center on Elder Abuse at 1-800-677-1116. This program operates under the Department of Health and Human Services and will connect you to trusted resources in your area.

Practical steps include informing the bank or financial institutions you feel have been affected, even freezing accounts if needed.

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