What is financial exploitation of the elderly?

Financial exploitation of the elderly is a type of elder abuse that involves taking advantage of an elderly person financially. In Maine, financial exploitation of the elderly is a growing problem and can take many forms. One type of financial exploitation involves scamming elderly individuals out of their money. Con artists may contact elderly people by email, telephone, mail, or in person and attempt to get them to give up their financial information or send money. They may also ask for money under false pretenses, such as claiming to be a grandchild in need of help. In some cases, con artists may use high-pressure sales tactics to get the elderly person to purchase products or services they do not need. Another form of financial exploitation involves taking advantage of an elderly person’s vulnerability. An elderly individual may be taken advantage of by a relative, friend, or caretaker who takes control of their finances without permission or forces them to sign over their assets. Additionally, elderly people may be taken advantage of by fraudsters who convince them to invest their money in high-risk investments or schemes without fully understanding the risks. Finally, financial exploitation of the elderly can occur when a caretaker or other individual misappropriates an elderly person’s funds for their own benefit. This may include using the elderly person’s money to pay for their own bills or illegally transferring assets and funds without the elderly person’s knowledge or consent. In Maine, financial exploitation of the elderly is a serious problem and is prohibited by law. If you suspect that an elderly person is being taken advantage of financially, you should contact the Maine Office of Elder Services or your local law enforcement agency.

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What is financial exploitation of the elderly?

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