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Firm Library

Signs a nursing home resident is vulnerable to financial abuse

When you think of somebody vulnerable to elder financial abuse, do you picture a lonely granny in a rocking chair with dementia who is too polite and old-fashioned to stand up to a scammer? If so, you couldn’t be further from the truth.

The surprising truth, unearthed by an AARP survey, found that financial fraud victims are just the opposite. They are educated and affluent, with a strong network of friends and family. In fact, one of the problems is that some seniors are so confident in their intelligence and ability to “smell a rat” that they fail to notice when they’re being taken for a ride. It is also important to remember that age alone does not make a person more or less likely to fall prey to a scam.

The AARP survey made some surprising discoveries. Many financial abuse victims have difficulty ending a conversation with a telemarketer, even if they suspect fraud. Also, many individuals have trouble determining if a pitch is legitimate or fraudulent.

What types of individuals are more likely to be victimized by financial abuse?

Victims of elder financial abuse often have the following characteristics in common:

Own a home
Are less likely to ask for advice before making a purchase
Are financial risk takers
Are open to marketing pitches
Have difficulty hanging up on telemarketers
Are not knowledgeable about consumer rights
Don’t know how to research consumer issues
Access to a direct line telephone
Concerned about having enough money
Fear losing financial independence

One interesting factor in abuse is socialization. There does not seem to be any agreement on whether social seniors are more or less likely to become fraud victims than isolated seniors. One theory holds that seniors who have many friends and acquaintances are exposed to more people, therefore there is a greater chance they’ll come in contact with a scammer. Of course the flip side is that isolated, lonely seniors may crave the attention provided by a fraudster and are therefore vulnerable to their ploys.

Read more about elder financial abuse in our law library articles “Are Elder Financial Abuse Cases are on the Rise in Virginia?” and “Financial Abuse at Nursing Homes”. Think you need a lawyer? Please contact the Norfolk based attorneys at Weisberg & Zaleski for assistance with any suspected cases of nursing home abuse or nursing home neglect.

Weisberg & Zaleski, P.C.

112 College Place

Norfolk, VA 23510

Toll Free: (800) 690-0235

Phone: (757) 622-7740

Fax: (757) 533-9223

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Weisberg & Zaleski, P.C.
112 College Place
Norfolk, VA 23510
Phone: (757) 622-7740
Fax: (757) 533-9223
Toll Free: (800) 690-0235
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