Elder abuse more prevalent

By ALANA LISTOE

Many people lobby for laws that protect senior citizens from financial exploitation, and they should. Organizations like Big Sky Senior Services, the Office of Consumer Protection, and AARP are champions in providing awareness and teaching prevention across Montana. Likewise, Montana’s credit unions are equally engaged and have worked closely with the state legislature to create new laws protecting seniors. Credit union lobbyist Donya Parrish provided testimony in committees and worked with other interested parties to ensure new legislation incorporated the perspective of financial institutions interested in reporting abuse, made it easier for prosecutors to prove fraud against senior citizens, and added a penalty when the victim is over 60.

Aging Adults are at risk for financial abuse because they are sometimes seen as easy targets due to physical limitations, isolation, or the loss of a spouse who managed the couple’s money. Unfortunately, like so many other abuse scenarios, the predators are often known to the victim. It’s hard to imagine that care takers, friends, and relatives would prey on unsuspecting seniors, but they do, and more often than we think.

According to the National Adult Protective Services Association, the number and complexity of complaints involving vulnerable and older adults has significantly grown over the past decade. Its recent research says one in 20 older adults indicate some form of perceived financial mistreatment occurring in the recent past. However, it also reports that elder financial exploitation is vastly under-reported; only one in 44 cases is said to ever be brought to the attention of officials.

Parrish isn’t surprised by these numbers, and she finds lobbying a great opportunity to talk about how members turn to their credit union to help with financial and life decisions.

“Credit unions have always been great consumer advocates,” she said. “Often it’s the credit union that first notices a red flag of abuse or financial disarray and signals a social worker or family member that something is off.”

Like so many issues, awareness is key.  Some financial abuse indicators include unusually large withdrawals, signatures that don’t match, contributions going to newly formed religious or non-profit causes, or large loans against home equity to finance investments.

Not only can such abuse be financially incapacitating, but emotionally devastating. Experts say financial exploitation of seniors is likely to continue to increase and go unreported because victims feel ashamed. Help bring attention to this crime that lurks largely out of sight by being aware of the indicators and sharing them with others.

New information is posted weekly at http://www.montanacreditunions.coop/consumer-resources/topic-of-the-month and throughout June the focus is elder financial abuse.

Alana Listoe is the Director of Public Relations for Montana’s Credit Unions, an organization based in Helena that exists to promote and enhance a thriving credit union community by providing services, advocating, and implementing programs to improve the social economic well-being of all Montanans.