Elder Fraud Attorney Can Help Elderly Victims of Financial Fraud Recover

An elder fraud attorney helps senior citizens and those who are over 65 years old. These attorneys assist their clients in navigating the emotional and financial impacts of elder fraud. These fraud attorneys have been busy in 2021 because of the rise in online scams – costing senior citizens $3 billion in losses according to the FBI. Online fraudsters specifically target elderly people for their financial crimes, not only because of that demographic’s lack of familiarity with technology but also because many elderly people have accumulated extensive savings over their lifetimes and have good financial credit. If you or someone you care for was the victim of elder fraud, please contact an attorney at 800-767-8040.

Part of protecting yourself against financial fraud is knowing the types of financial fraud schemes that exist, including financial exploitation and elder financial exploitation. Elder fraud can take many forms. Financial elder abuse is a specific type of abuse where family members, caregivers, or strangers exploit seniors through identity theft, investment fraud, and scams. Many scammers target the elderly, taking advantage of their trust and vulnerability. Elder fraud can have a devastating impact on a senior’s finances and well-being. Financial abuse can threaten the basic necessities of life for seniors, leading to severe consequences beyond monetary loss.

Introduction to Elder Financial Fraud

Elder financial fraud, sometimes referred to as elder financial abuse, is a growing crime that targets senior citizens and elderly people, often those over the age of 65. This type of financial exploitation can be committed by anyone, from a trusted family member or caregiver to a complete stranger. Elder fraud takes many forms, including investment fraud, reverse mortgage scams, funeral and cemetery fraud, and identity theft. Elderly people are particularly vulnerable to these crimes for several reasons. Many elders may be living alone, coping with physical or mental disabilities, or simply unfamiliar with the latest technology and financial products. Scammers often take advantage of these vulnerabilities, pretending to help or befriend an elderly person in order to gain their trust and access to their finances. In some cases, even other family members or caregivers may be involved in financial abuse, using their position to commit fraud or gain financial control.

If you or someone you know has been a victim of elder fraud, it is crucial to act quickly. Contacting an experienced elder law attorney or a trusted financial advisor can help you understand your rights, protect your assets, and take steps to stop further abuse. Elder law professionals are equipped to handle cases involving funeral and cemetery fraud, reverse mortgage scams, investment fraud, and other forms of financial exploitation. Don’t wait to seek help—early intervention is key to protecting yourself or your loved one from further harm.

Tips to Avoid Being a Victim of Elder Financial Abuse

There are many types of financial crimes and many ways to hoodwink people out of their hard-earned money.

But the most important things to know to avoid becoming a victim are:

• Always be suspicious. Err in the direction of being overly cautious.
• Shop around.
• Never be ashamed to ask for help. If anyone makes you feel bad for asking, then ask someone else. Many people want to help.
• Have an attorney on retainer and consult with them on as many matters as necessary. Attorney fees often pay for themselves as a result of protecting you from financial crime. Speak to an elder fraud attorney if you have questions.

No matter what type of scam is being run, such as a romantic scam[1] or a financial one, phishing is one of the most common methods to snag elderly people.

Phishing is the practice of sending a fraudulent email, pretending it comes from someone else, such as a bank or credit card company. If you were a victim of a phishing scam, you should speak to an elder fraud attorney. You may still be able to recover losses even in situations where you were negligent in cooperating with the scammer.

How Elder Fraud Attorneys Help Senior Citizens Recover

Recovering from elder financial fraud can feel overwhelming, but taking prompt action is essential to protect your financial future and well-being. If you or a loved one has been financially abused, the first step is to reach out to a fraud attorney who specializes in elder law and has experience handling elder financial fraud cases. A knowledgeable attorney can guide you through the process of recovering lost money, whether through litigation, arbitration, or negotiation with the parties involved.

It’s also important to report the financial exploitation to the proper authorities, such as the attorney general’s office, to help prevent further abuse and potentially stop the scammer from targeting other elderly people. In some cases, your attorney may recommend freezing bank accounts or other assets to safeguard what remains and prevent additional losses.

Staying vigilant is key to avoiding future scams. Monitor your bank accounts regularly for any suspicious activity, and be cautious of unsolicited phone calls, emails, or offers that seem too good to be true. Consulting with a trusted financial advisor can also help you assess your financial situation and put safeguards in place to protect against common scams. Remember, you are not alone—many seniors have faced similar challenges, and with the right support from a law firm experienced in elder abuse cases, you can take steps to recover and regain control of your finances. If you suspect financial exploitation, don’t hesitate to contact a fraud attorney to discuss your options and protect your best interests.

Speak to an Attorney Today to Know Your Rights